Ruminations: The Battle for Student Borrowers

Over 2 weeks ago, I arrived in Newark to begin a long trip on the East Coast. First, I went to New York City where I had a number of meetings about my work as an advocate for student loan debtors. The primary reason for going to New York, however, was to deliver talks at the Young Democratic Socialist's conference about neoliberalism, the student lending crisis, and the increased austerity measures that continue to be implemented.

A fellow blogger and student loan debt activist made a special trip to Brooklyn to attend the conference and hear me talk. Afterwards, he treated me to a great lunch at an Indian Restaurant. We have known one another for several years, but this was the first time we met. As I had expected, we had an amazing conversation over lunch, and I am so glad we have found one another. While I hate knowing that he struggles to survive, because of his student loan debt, I also acknowledge that our paths never would have crossed if it weren't for this societal crisis. It is my hope that he will overcome his shame, and realize - not just on an intellectual level - that he was not a fool when he decided to pursue his studies. No one could have predicted the catastrophic economic events that began in the Fall of 2008. Furthermore, the majority of Americans are told, as soon as they enter this world, that higher education is a necessity. We have been told over and over again that, if we want to get ahead, we must graduate from college. Some are told that that is not enough, so they go further and attend graduate school. (Many are also aware that a degree at the undergraduate level in their respective fields of interest aren't enough. In order to become a professional, for instance, in psychology, advanced degrees are a requisite. Without 'em, you ain't gettin' no where).

On top of these realities, we are also told over and over again that individuals with college degrees earn more money than their counterparts who only have high school diplomas. Just yesterday, at a luncheon for the nation's governors in D.C., President Obama said that unemployment for people with college degrees was half of the national average, adding, "Their incomes are about twice as high as those who only have a high school diploma . . . So this is what we should be focused on as a nation. It is what we should be talking about and debating. The countries who out-educate us today will out-compete us tomorrow. That's a simple fact." (No mention, of course, of how the burden of financing an education is now on the backs of students and their families, but I digress . . . ).

This is a curious statement for another reason: the administration is failing to help current borrowers who are distressed or unable to repay their loans. It's all well and good that prospective students and "future generations" are mentioned over and over again in lofty speeches. But these statements reveal how current generations, who will be the parents of future college students, are already losing. They are losing now, and they have lost their future. As a result, in my view, the U.S. economy is also being hurt.

That thought brings me to my trip to Washington, D.C. After the meetings in NYC, a radio interview with Casey Ryan, and the conference in Brooklyn, I went to D.C. (I go to D.C. for my work as an advocate at least 3 times a year). Again, there were a lot of meetings and intense discussions about the student lending crisis. When it comes to the economy, and how everyone in D.C. is spinning the student loan debacle, there doesn't seem to be one soul talking about its value vis-a-vis democracy. Nope. That's been thrown out the window. The sole concern, for the proponents of "investing" in higher education  (I am still really not sure what that means, because it certainly isn't about investing in students), is churning out graduates for the workforce. That's it. I know I'm being silly about my critique. After all, ensuring that we have workers who can compete against China and India and other countries with "emerging markets," is ever-so-lofty for 21st century neoliberal politicians.  

There used to be a time when leaders talked about the importance of education in a democratic sense. But these days, it seems one is expecting far too much if you want to hear something like that come out of their mouths. Instead, it's about the "market value" of a degree. Hence the justification for gutting the humanities.

So, if our leaders can only understand lingo that pertains to the market, that means the rhetoric from our side must shift (more on that later).

While my discussions were great, and I was able to catch up with a lot of people, the forecast for current borrowers is, well, pretty devastating. To make matters worse, I found myself being confronted by someone who is a debtor - I must admit, that took me aback! It's always beyond infuriating when the people you're fighting for say disparaging things about your work. Oh well, that's the name of the game . . .

I could add more about the negative outlook for current debtors, but I'll stop here for now. I want to hear your thoughts.

What do you think? Are current debtors goners? Is there a new generation that is lost for good?

Photo: Susan Walsh/AP