No one needs to tell a recent college graduate that student loan debt is one of the most serious economic problems facing the United States today. At over $1.2 trillion, our nation’s student loan debt has surpassed the amount of credit card and auto loan debt Americans hold. Meanwhile 5 million student loan borrowers are in default, more than half of recent college graduates are unemployed, and college tuition cost continues to rise. In the time between just 2011 and May 2013, student loan debt shot up another 20 percent.
While college students and graduates face mounting debt that threatens to ignite another economic crisis, Congress has failed to act on the issue, hamstrung by obstruction and gridlock. At the same time, members of Congress have taken millions in political contributions from the corporations and banks that profit the most from this country’s mounting student loan debt.
READ: Submerging Students