The mounting student debt crisis could cause serious economic damage to the United States. Rising college costs and declining financial aid at both state and federal levels have significantly contributed to the problem. A good deal of responsibility, however, belongs to the financial institutions that service federal student loans, according to a new report.
The Great Debate
from Reihan Salam:
America’s elite higher education institutions are the envy of the world. Foreign students flock to the oldest and wealthiest U.S. research universities to take advantage of resources that are unparalleled, thanks to the deep pockets of many centuries’ worth of captains of industry.
The views expressed are his own.
Over the past three months, as Occupy Wall Street has pitched a tent in the American consciousness, doubters have had the same refrain: “But what do they want?” Mothers, uncles, family friends, family of friends, they’ve all asked me—their token 20-something—some version of this. They argued that a movement was not a movement just because it wanted to move somewhere. It also needed to know exactly how it was going to get there. Apparently, all revolutions must now come with a built-in GPS.
A month ago, Occupy Wall Street made a demand. Or, as is the way in the nested hierarchy of OWS, a subcommittee of a committee of the movement made a demand. They want all student debt in the country forgiven. All $1 trillion of it. And if the government would be so kind, they’d appreciate if it would pay for higher education from here on out, as well.