USA's Crippling Student Loan Debt

21/12/2019

https://youtu.be/t0CyBv18A5k

With Americans' student debt now over $1.5 trillion, Hasan looks at how the federal government turned the Department of Education into the largest bank in Am...

21/12/2019

https://youtu.be/RjWWTTMj0xw

This video includes Hasan’s testimony, as well as questions Hasan answered during the hearing. to watch the full hearing: https://youtu.be/9IKaKKZWp8E follow...

10/12/2019

" The descriptive results also show that only 37% of the borrowers tried to figure out how much their future monthly payment would be before taking on their loans. The multivariate results show that as compared to those age 55+, individuals age 18-34 were 35% more likely to try to figure out the future monthly payment."

Click the download button to view the full pdf

https://digitalcommons.usu.edu/researchweek/ResearchWeek2019/All2019/299/

Student loan debts are fast growing in the U.S. Individuals who are considering taking out student loans need to be fully aware of the choices they will make. Using data from the 2015 National Financial Capability Study (NFCS), this study examined the association between financial capability and stu...

09/11/2019

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04/11/2019

https://www.marketwatch.com/story/how-wiping-out-15-trillion-in-student-debt-would-boost-the-economy-2019-09-09?fbclid=IwAR2AoKxsiCQKoxn8PVx2mXhZSKzd2pshK0geUfkxz_cO3mLkvxYeHA3fZ-c

Many voters have come around to the idea that the loans are an unsustainable burden.

01/11/2019

"What is Strike Debt?

Strike Debt is an offshoot of Occupy Wall Street. First started in New York City, but inspired by movements around the globe, Strike Debt now has affiliates across the country. We believe people should not go into debt for basic necessities like education, healthcare and housing. Strike Debt initiatives like the Debt Resistors’ Operations Manual offer advice to all kinds of debtors about how to escape debt and how to join a growing collective resistance to the debt system. Our network has the goal of building a broad movement, with more effective ways of resisting debt, and with the ultimate goal of creating an alternative economy that benefits us all and not just the 1%."

https://strikedebt.org/

01/11/2019

https://rollingjubilee.org/

"Can Rolling Jubilee abolish student debt?
Student debt has surpassed $1 trillion partly because it is one of the most protected forms of debt by federal law. Student debtors can rarely discharge their loans in bankruptcy and lenders have rights to garnish wages and social security payments. The vast majority of student loans have these federal guarantees. We cannot buy these loans because there is no secondary market. However, we believe it may be possible to buy private tuition debt of some sort that is not guaranteed by the federal government; Rolling Jubilee may attempt to purchase this kind of debt after doing further research."

01/11/2019

"“We hear it on repeat all the time, all of these older generations say, ‘When I was in college, I had a part-time job and worked my way through school,’” Schuman said. “The reality is those part-time jobs, they don’t pay for school anymore, they pay for part of it.”"

"Deciding how much to borrow isn’t the only opaque part of the student loan process: Repaying debt can be confusing too. Federal student-loan borrowers have access to a suite of programs that allow them to manage their debt, but the high number of student-loan repayment plans can make it difficult for borrowers to determine their best option.

In addition, because borrowers have to re-certify their income from year-to-year to stay enrolled, they’re regularly at risk of being kicked out of their payment plan and bumped to a higher monthly payment amount."

https://www.marketwatch.com/story/why-financial-education-wont-solve-the-15-trillion-student-loan-crisis-2019-06-27

Financial-education curricula were developed during a time when most workers could count on a paycheck at a stable job.

01/11/2019

FACTS TO CONSIDER ABOUT STUDENT DEBT IN THE USA:
1. The national total student debt is now over $1.5 trillion.

2. College tuition has more than doubled since the 1980s.

3. More than 3 million senior citizens in the US are still paying off their student loans.

4. As of May 2018, 101 people in the US owe at least $1 million each in student loans, The Wall Street Journal reported, citing the Education Department.

5. Black families carry more debt than white families and are more likely to default on their loans.

6. As many as 40% of borrowers could default on their student loans by 2023.

7. Of people who use a bankruptcy-assistance service to file for Chapter 7 bankruptcy protection, 32% carry student-loan debt.

8. Some US workers would even ditch vacation time for help paying their loans.

9. Student-loan debt is the reason 13% of Americans in a survey conducted last year said they decided not to have kids.

10. Some have drawn parallels between the student-debt crisis and the subprime-mortgage disaster.

11. Nearly 50% of millennials who have or had student-loan debt think college wasn't worthwhile.

https://www.businessinsider.com/student-loan-debt-crisis-college-cost-mind-blowing-facts-2019-7 #11-nearly-50-of-millennials-who-have-or-had-student-loan-debt-think-college-wasnt-worthwhile-11

The national total student debt is now over $1.5 trillion. As many as 40% of borrowers could default on their student loans by 2023.