America’s Student Loan Debt Crisis

Another excellent blog entry by Guyana-born Rosaliene Bacchus.

Three Worlds One Vision

debt quadrupled[1]Student Loan Debt 2003-2013
Source: http://www.motherjones.com

 

On 1 July 2013, unless they make a deal, the US Congress will pass legislation to double interest rates from 3.4 percent to 6.8 percent on federal subsidized Stafford student loans. (See HR 1330 – The Student Loan Fairness Act of 2013.) For sixty percent of students who depend on these loans to fund their college education, this increase matters. More so for working class families with net worth of under $8,500. These families account for over half of all student loan debt.

I find it difficult to understand our government’s reasoning for wanting to place more burden on the working class. We already face a student loan debt crisis in the United States. Our outstanding student debt has already soared beyond one trillion dollars. That’s more than the nation’s combined auto and credit card debt.

Due to runaway college tuition…

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