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'Cruel, Unnecessary, and Irresponsible': Trump Admin to Resume Garnishing Wages of Student Borrowers
(www.commondreams.org)
The Student Loan Crisis is a growing national security threat, and it's getting worse, and NOBODY is talking about it from that perspective.
The current cost of a college education is the result of ruthless predatory practices by both colleges and loan companies. When the Federal Government made it easier for students to get loans, allowing more young Americans to get college degrees and get a better start in life, colleges exploited the opportunity by jacking their prices up, knowing that kids could get these enormous loans, with exorbitant interest rates, without the financial life experience to understand the onerous burden it would place upon their ENTIRE lives.
Now we have young people delaying the most fundamental stages in life, because they simply can't afford it. People are not getting married, because they either don't want to combine two large student loan debt loads, or they don't want to take on a new spouse's debt when they don't have debt themselves.
And if people aren't getting married, they aren't buying houses, furniture, cars, having babies, vacations, etc., all fundamental drivers of the economy. Many aren't even moving out of the family home they grew up in, not only because they can't afford it, but because the economy on general is so bad that their family can't afford to lose another household income, so they're happy to keep them at home.
This is already a crisis, and it grows larger every year, with each graduating class. How long before the steadily rising problem reaches critical mass, and crashes the entire economy? Because that's the easily predicted outcome of this current strategy to ignore the growing crisis, and deliberately making it infinitely worse.