Student debt in the US now totals over $1.48 trillion, which is way higher than any other debt in the country. But one person’s debt is another’s asset. Lenders of student debt put together “packages” that tally up all that they’ve lent out to students. Then, they make fast cash selling these packages to big banks with enough money to play around with these investments, like Wells Fargo or Bank of America. These banks then reap all the profits from the interest that former students have to pay—and that’s guaranteed free money for them, since it’s almost impossible to declare bankruptcy on student debt and banks are legally allowed to take from your wages, unemployment benefits, and Social Security checks. The market for this kind of trading is $200 billion, all pocketed by wealthy capitalists who lobby Congress on issues like these regularly.
Workers and oppressed peoples of the world unite!