Looming Student Debt Crisis Hits the Senate

Reader Comments
Back to blog

Equal justice works
re. Student loan crisis
When i graduated the job market was on the down turn and its worst now, my college loans are rising with no end in sight. Danielle Jokela student loan story is the norm among my peers. The financial impact is ruining us before we get started- our credit scores are in the low 500's and will plague us for years to come. Anyone who says differently needs to speak to a collection agency.
The college loan crisis must be addressed. Each generation is called upon to contribute socially and financially, its essental to bring and keep this country strong. Corporate & government employment offices are looking into job applicants credit history, some high achievers (4.0 gpa) can't get jobs because of problems with their student loan debt. Forget a home loan, we're not credit worthy enough.
As for Obama's student loan forgiveness plan it is based upon standard repayment structure. Most of us are paying a portion student loans payment, since were new in the employment market.
For what it's worth, we all know government and non- profits wage compensation is low in comparison to corporate America. The last three Presidents have lobbied for social justice and called upon the people to do our part. In name of social policy change and justice, the President needs to seriously consider how to rebuild this country, one suggestion is to recognize college graduate students need jobs and a way to pay back their student loans.
These graduate students while in school or out are valuable assets. The President should embrace the opportunity this situation presents and implement a student loan forgiveness program for graduate students (masters level & above) who work for non- profit agencies, such as what the government has set up for medical doctors. Now not in 2014 or later.
Graduate students need help now, the suggestion helps the country while helping the college students with meeting their financial obligations- its a win-win scenario.

R Magazu of WA 2:11AM April 01, 2012

I dont know why my federAL STUDENT LOAN HAS AN INTEREST RATE GREATER THAT MY MORTGAGE INTEREST RATE. 7% COMPARED TO 3.85 IS ALOT OF MONEY. CAN'T FIND A BETTER PAYING JOB, WHEN THAT WHAT i WENT BACK TO SCHOOL TO GET A DOCTORATE. IT SEEMS LIKE A DOCTORATE MEANS NOTHING AND i AM 86,000 IN DEBT

Holly L. Sherlock PhD of PA 7:55AM March 29, 2012

With student loan default rates on the rise, the Department of Education is teaming up with debt collectors to recover its money. Tony Soprano is calling... Read more at www.thecorporateobserver.com

Berk Law of DC 3:49PM March 28, 2012

Students enrolling in college know that the loans will have to be repaid, and should factor that into their decisions on education and careers.
I see this issue as one of the cornerstones of the Occupy movement as they look for an issue that will help them regain relevancy. Here is how I address the issue: http://mywtfblog.com/2012/03/the-next-manufactured-crisis/
The attention to this issue at this time sounds more like pandering for the youth vote.
Tackle the reasons behind the high cost of tuition first, then worry about restructuring finance options

Jack Woodward of CA 1:56PM March 28, 2012

I think it is nearly impossible to have a discussion about student loans without bringing up federal loans as well. This whole paradigm that private loans = bad and federal loans = good is a myth. This article, the hearing it references, and the general discussion fail to address federal loan debt. Nearly 117billion in federal loans were taken out last year alone...compared to 30 billion in private loans.
Federal loan debt is the real problem. Whether or not they offer certain benefits is debatable. IBR is not a long-term solution to the problem. These federal loans have no bk protections, are non-refinancable, and have no truth in lending requirements....oh and unlike private loans, there is no Statute of Limitations on the collection of federal loans.

Rob of CA 1:37PM March 28, 2012

I'm a cosigner on my son's private student loans. If the borrower is allowed to discharge under bankruptcy wouldn't the lender then go after me, the cosigner?

dirkwierenga of MI 10:30AM March 28, 2012