FacebookTwitterGoogle+RedditEmail

Congrats, Graduates! Here’s Your Diploma and Debt

It’s that time of year again. Flowers are flowering, spring is springing, and across the country college graduates are graduating with their newly awarded degrees held high.

Also high is the mountain of student debt most of these recent graduates are taking on. All told, 44 million Americans now owe student debt — including 7 in 10 graduating seniors last year, who owe an average of $37,000.

If you’re not one of those tens of millions of people, you might’ve missed how out of control student debt has become. Total student debt is approaching $1.4 trillion, surpassing auto loans and credit card debt.

Between job searches and apartment hunting, post-graduate life is already stressful — and student debt makes it worse. The average monthly payment for borrowers in their 20s is $351.

If you’re making minimum wage, that’s 48 hours of work for your loans alone — never mind shelter and food. No wonder more than 4 in 10 have either stopped making payments or fallen behind.

There is nothing positive about student debt.

Many indebted graduates begin their work lives with damaged credit histories and greater economic vulnerability. They’re less able to start a business or work in public service. And they delay starting families and buying houses, which makes them less wealthy in the long run.

The only winners are the predatory loan servicing agencies.

One reason for the explosion of student debt is that states and the federal government have drastically cut education spending, forcing students and parents to pick up the costs. Public college spending is still $10 billion below pre-recession levels.

To make things worse, Trump’s secretary of education, billionaire Betsy DeVos, is reversing protections put in place by the Obama administration to protect student loan borrowers by regulating loan servicing companies and capping interest rates at 16 percent (at a time when bank loan rates are below 6 percent).

It shouldn’t be this way. And it doesn’t have to be.

Ask the millions of people who attended college between 1945 and 1975 and graduated with little or no debt. Millions of baby boomers paid tuition at the great flagship universities of this land just by working summer jobs. That wasn’t on a different planet — it was mere decades ago.

Some places are experimenting with new models. At the city level, San Francisco has taken the lead by creating a free tuition program for anyone who’s lived in the city for at least a year, regardless of income. It’s funded by a voter-approved tax on properties worth over $5 million.

At the national level, Senator Bernie Sanders and Representative Pramila Jayapal recently introduced the College for All Act, a plan Sanders got into the Democratic platform last summer. It would eliminate tuition and fees at public universities for those with incomes under $125,000 — all paid for by a small sales tax on Wall Street trades.

These ideas could mean a brighter future for students to come. But what about for those already crushed by debt?

For them, there’s a silver lining. When you owe $50,000, the bank owns you. But when the bank’s trying to bleed you for $1.4 trillion, you own the bank.

It’s time for the 44 million student debt households to flex our muscles and demand change.

Distributed by OtherWords.

More articles by:

December 11, 2018
Eric Draitser
AFRICOM: A Neocolonial Occupation Force?
Sheldon Richman
War Over Ukraine?
Louis Proyect
Why World War II, Not the New Deal, Ended the Great Depression
Howard Lisnoff
Police Violence and Mass Policing in the U.S.
Mark Ashwill
A “Patriotic” Education Study Abroad Program in Viet Nam: God Bless America, Right or Wrong!
Laura Flanders
HUD Official to Move into Public Housing?
Nino Pagliccia
Resistance is Not Terrorism
Matthew Johnson
See No Evil, See No Good: The Truth Is Not Black and White
Maria Paez Victor
How Reuters Slandered Venezuela’s Social Benefits Card
December 10, 2018
Jacques R. Pauwels
Foreign Interventions in Revolutionary Russia
Richard Klin
The Disasters of War
Katie Fite
Rebranding Bundy
Gary Olson
A Few Thoughts on Politics and Personal Identity
Patrick Cockburn
Brexit Britain’s Crisis of Self-Confidence Will Only End in Tears and Rising Nationalism
Andrew Moss
Undocumented Citizen
Dean Baker
Trump and China: Going With Patent Holders Against Workers
Lawrence Wittner
Reviving the Nuclear Disarmament Movement: a Practical Proposal
Dan Siegel
Thoughts on the 2018 Elections and Beyond
Thomas Knapp
Election 2020: I Can Smell the Dumpster Fires Already
Weekend Edition
December 07, 2018
Friday - Sunday
Steve Hendricks
What If We Just Buy Off Big Fossil Fuel? A Novel Plan to Mitigate the Climate Calamity
Jeffrey St. Clair
Cancer as Weapon: Poppy Bush’s Radioactive War on Iraq
Paul Street
The McCain and Bush Death Tours: Establishment Rituals in How to be a Proper Ruler
Jason Hirthler
Laws of the Jungle: The Free Market and the Continuity of Change
Ajamu Baraka
The Universal Declaration of Human Rights at 70: Time to De-Colonize Human Rights!
Andrew Levine
Thoughts on Strategy for a Left Opposition
Jennifer Matsui
Dead of Night Redux: A Zombie Rises, A Spook Falls
Rob Urie
Degrowth: Toward a Green Revolution
Binoy Kampmark
The Bomb that Did Not Detonate: Julian Assange, Manafort and The Guardian
Robert Hunziker
The Deathly Insect Dilemma
Robert Fisk
Spare Me the American Tears for the Murder of Jamal Khashoggi
Joseph Natoli
Tribal Justice
Ron Jacobs
Getting Pushed Off the Capitalist Cliff
Macdonald Stainsby
Unist’ot’en Camp is Under Threat in Northern Canada
Senator Tom Harkin
Questions for Vice-President Bush on Posada Carriles
W. T. Whitney
Two Years and Colombia’s Peace Agreement is in Shreds
Ron Jacobs
Getting Pushed Off the Capitalist Cliff
Ramzy Baroud
The Conspiracy Against Refugees
David Rosen
The Swamp Stinks: Trump & Washington’s Rot
Raouf Halaby
Wall-to-Wall Whitewashing
Daniel Falcone
Noam Chomsky Turns 90
Dean Baker
An Inverted Bond Yield Curve: Is a Recession Coming?
Nick Pemberton
The Case For Chuck Mertz (Not Noam Chomsky) as America’s Leading Intellectual
Ralph Nader
New Book about Ethics and Whistleblowing for Engineers Affects Us All!
Dan Kovalik
The Return of the Nicaraguan Contras, and the Rise of the Pro-Contra Left
Jeremy Kuzmarov
Exposing the Crimes of the CIAs Fair-Haired Boy, Paul Kagame, and the Rwandan Patriotic Front
FacebookTwitterGoogle+RedditEmail