Outstanding student loan debt has now surpassed $1 trillion. Default rates are up at an alarming rate. Even the Department of Education admits they are concerned about the increase in borrowers defaulting on their loans. Studies, not just articles, are showing that more and more borrowers are struggling or unable to pay off their student loans. Despite all of this evidence, a group of experts - some of whom have ties to the lending industry - claim that the student lending crisis is being sensationalized. At a recent higher education conference, for instance, policy makers - once again - dismissed the problem.
The claim is enormously problematic, especially when there are numerous advocates and experts in various fields who, as just mentioned, have evidence - strong and conclusive evidence - that there is a full-blown crisis.
So, the question remains: when will these panels invite advocates who actually represent the voices of the borrowers? That would make for a more lively and honest discussion. For the time being, however, the same experts will downplay the issue. While they continue to do so, millions of more educated Americans will join the ranks of the indentured educated class.
A non-profit organization dedicated to the eradication of all student loan debt through activism, education, and legislation; because student loan debt is dangerous to the US economy and to the health and well-being of individual Americans and their families. CRYN JOHANNSEN, Founder & Executive Director
7 comments:
Cryn,
Thanks for bringing this to everyone's attention. In the final analysis, the policyheads are beholden to their masters/owners, i.e. the banksters.
These pigs simply want to dismiss the reality of hundreds of thousands, if not millions, of American student debtors.
As far as I am concerned, this is akin to a panel of convicted child molestors issuing a report that declares that there is not a problem with child predators.
They won't care until it actually starts to affect them. That is, when no one is putting money in their banks because they have no money, or no one is buying their cars, or taking out mortgages for homes. Or even as simple as no one buying televisions, or refrigerators, or having cable service.
When more and more people are saving every penny and only paying for the necessities, then they will have to listen, because when you don't spend money, they don't GET money.
They don't worry about people saving, because they devalue currency so much that saving is a waste of effort.
They also just raise taxes and make more of your after tax income tied to mandatory purchases. You already have to pay for car inspections, registrations, plenty of home inspections they come up with, but now health care is going to be a mandatory expense too. And once they have healthcare mandatory, they're going to come up with the next thing to require.
Most of the country is actually still in great shape. It's only the younger people that are in trouble now. But the vast majority of the country is older, and they're the vocal ones.
Studies and experts have had ties for decades. The War on drugs, the war on terror, student loans, bicycle helmets, domestic violence etc. etc. it's all bunk figures propagated by people that will benefit from getting government funding or by getting the general public to give in to something (usually one and the same).
In reality the student loan debt mess is absolutely crushing this country. But it is not some sort of grand new problem that never existed in history. Debt and lack of opportunities have had many names in the past, but the end result had traditionally always been the same.
Why do you think America exists in the first place? A bunch of poor people in England got sick of being in debt and having no opportunity so they got into a boat and went somewhere else where they could actually have a shot at something.
Why do you think Texas and California exist? After those formerly poor people established themselves, more people came up that were restricted, and so those people went westward!
Do you have the balls to leave like some of the greatest people in history did when they were systematically denied opportunity?
Probably you don't. I don't. I don't know that the problem gets fixed, but I do know that eventually something happens when enough people need it to happen. I don't think the loans will get forgiven, I think what will happen is people will try to get out of the US and go somewhere else instead.
Sensationalized??
Yeah, it's pretty sensational that I'm a middle-aged adult who lives with my parents, can't buy a house or car and can't have children because my minimum student loan payments are higher than my monthly income. It's so sensational that despite having advanced degrees, I have to take community college classes to stave off my federal loans while I feed the private student loan sharks.
How frickin' sensational! And just think, this is happening to millions of others! It's a good thing it isn't a real problem though because I was starting to worry!
I understand I'm using the word "sensational" in a bit of a different context, but you get my point.
@12:16PM
Same here. The annual interest on my SL debt alone is more than I net in a year.
There is no legal remedy, nor is there one in the near or remote future.
As another commenter says, the only solution is to leave the USA.
I did look into leaving the country though and the amount of money that I'd have to have makes it unreasonable. I'd like to know how people go about doing that. Do other countries take our degrees seriously? I've heard they don't. I'd love to learn more about this, though I'm not sure I could ever leave my home land just because something (banks) bullied me with the consent of the government.
Before my husband and I met, he worked as a resident assistant at a large state university. One night, he found a student in his room, dead. The student had hanged himself and placed a clown mask over his face. His suicide letter indicated that he was overwhelmed with his student loan burden and felt that there was no other way out than death.
I'm sure the university did what they had to do to hide this, as it doesn't reflect well on the institution that was all too willing to accept his loan money. Thankfully, my husband has been able to tell his story.
If this isn't a crisis, I don't know what is.
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