Tag Archives: student debt

Students, Beware: Private Student-Loan Companies Are Not Your Friends | The Nation

6 Sep

This year, as these students prepare to sign away their futures, they would do well to consider a report released by the Consumer Financial Protection Bureau (CFPB). On July 20, the agency designed by Massachusetts Senate candidate Elizabeth Warren released “Private Student Loans,” a devastating expose of the $150 billion private student loan industry, one of the banking world’s Goliaths. The report is both an official account of private lenders’ underhanded “subprime-style” tactics as well as a sharp warning against taking out private loans that put students at risk of financial ruin.

via Students, Beware: Private Student-Loan Companies Are Not Your Friends | The Nation.

One of the grievances from the Monpelier Manifesto: “A higher education system that is becoming so expensive that only the rich will be able to attend college; all others look forward to debt slavery.”

 

Advertisements

The Dangers of Pricing the Infinite — Crooked Timber

23 Feb

Crooked Timer is running a symposium on David Graeber’s Debt. Here’s a passage from Malcolm P. Harris’s essay on student debt:

In April of last year I wrote an article for N+1 on the astronomic growth of student debt in America since the 70s. At the time, student loans had just passed credit cards as the largest source of consumer debt at $800 billion. Less than a year later, the total has topped $1 trillion with no real signs of slowing, while the other measures I referenced, including youth unemployment, have increased to new record levels as well. The conclusion that “the most indebted generation in history is without the dependable jobs it needs to escape debt” is more valid than ever.

via The Dangers of Pricing the Infinite — Crooked Timber.

Forgive student debt, fight the recession – Student Loan Debt – Salon.com

5 Nov

As someone who has student loan debt myself, it occurred to me that if I were suddenly relieved of my obligation to repay the approximately $500 in student loan payments that I dutifully make each and every month without fail, I’d have an extra $500 per month, every month, to spend on ailing sectors of the economy. Think of it as a trickle-up approach to economic stimulus.

via Forgive student debt, fight the recession – Student Loan Debt – Salon.com.