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Student Loans: It's Their Debt and Everybody's Problem Student Loans: It's Their Debt and Everybody's Problem
(10 days later)
Editor's pick: Originally published Dec. 22.
Student debt may be a graduate's responsibility, but it's everyone's problem.Student debt may be a graduate's responsibility, but it's everyone's problem.
One of the most urgent economic debates Washington isn't seriously having is how to address the student loan crisis. Raised periodically by advocates, students and parents, politicians make noises on this subject from the campaign trail but actual solutions are generally few and far between. What proposals candidates do make, they never seem to write up into actual bills.One of the most urgent economic debates Washington isn't seriously having is how to address the student loan crisis. Raised periodically by advocates, students and parents, politicians make noises on this subject from the campaign trail but actual solutions are generally few and far between. What proposals candidates do make, they never seem to write up into actual bills.
Why would they? The generation most burdened by student loans is also the one least likely to vote.Why would they? The generation most burdened by student loans is also the one least likely to vote.
Student debt lingers as an unaddressed problem, in part, because of its many moving parts. Like health care, this is a crisis tied into almost every part of the economy. Tugging on one string makes them all move, so to speak, so solving the problem would require a basket of complex, interlocking policy solutions.Student debt lingers as an unaddressed problem, in part, because of its many moving parts. Like health care, this is a crisis tied into almost every part of the economy. Tugging on one string makes them all move, so to speak, so solving the problem would require a basket of complex, interlocking policy solutions.
It's just not easy to write that bill. It's nearly impossible to do so without making somebody unhappy.It's just not easy to write that bill. It's nearly impossible to do so without making somebody unhappy.
It's got to be done, though, because student debt is a problem that's dragging down the entire economy.It's got to be done, though, because student debt is a problem that's dragging down the entire economy.
A Trillion Dollar CrisisA Trillion Dollar Crisis
Student debt has been referred to as the next housing bubble, but if anything that understates the scale of the problem. America's under-35 generation is leveraged at a rate that has not been seen since the 1920s.Student debt has been referred to as the next housing bubble, but if anything that understates the scale of the problem. America's under-35 generation is leveraged at a rate that has not been seen since the 1920s.
And the problem is growing.And the problem is growing.
Americans owe over $1.4 trillion in student loans, particularly concentrated among Millennials, and it's growing at about $3,000 every second. Interest on these notes ranges from 3.76% to 6.31%, rates that can stretch even a relatively modest loan into decades of repayment.Americans owe over $1.4 trillion in student loans, particularly concentrated among Millennials, and it's growing at about $3,000 every second. Interest on these notes ranges from 3.76% to 6.31%, rates that can stretch even a relatively modest loan into decades of repayment.