Today, the Wall Street Journal published an article stating that student loan borrowing grew 25% in the last year (and has been steadily rising for some time now). “Today, two-thirds of college students borrow to pay for college, and their average debt load is $23,186 by the time they graduate.” For many of us, this is no surprise.
The article goes on to talk about the consequences of a young generation amassing such measurable amounts of debt at such an early age-the effects of which I have been feeling myself! Graduated 20 somethings are postponing important life steps such as buying a home or starting a family due to debt.
This sucks. Walking around with $20,000 worth of debt on your shoulders doesn’t do much for one’s moral. But what upsets me most is who is BENEFITING from student debt. Private lenders!
The House of Representatives is slated to weigh in on this issue very soon. The Student Aid and Fiscal Responsibility Act (SAFRA) breezed through the House Committee on Education and Labor, but it’s going to need a lot of support. I’m urging all students out there to contact your House Rep and tell them we’re tired. Tired of debt and tired of private companies making money off our debt. While you’re at it, send that very message to Senator Murray. We need a companion senate bill to support SAFRA and she can do it!
Education is hot, debt is not. Private lenders collecting interest off my federal loans? Definitely not hot. Let’s change this.
