By Adam Pedesclaux
61% of college students have to take out loans to pay for their education; for many of these students, their debt becomes a lifelong burden. In total, over 44 million people in the US owe more than $1.5 trillion to various loan providers. The majority of this debt has accrued over the last decade.
Since 1987, the number of students enrolled in public and private institutions has almost doubled. In this time, costs have more than doubled. Students often have no choice but to accept these loans, sometimes with fluctuating interest rates that go as high as 25%. Once out of school, students are discovering that wages aren’t high enough to live, much less service their debt.
Parasitic loan companies have a record for making the repayment process as difficult as possible, charging fees for payments and forcibly holding back payments to extend the debt. As loan company Navient (changed from Sallie Mae as lawsuits piled up) admitted in court in a rare moment of corporate honesty: “there is no expectation that the servicer will act in the interest of the consumer.” These words sum up the industry, cold and unwavering in their pursuit of maximum profits.
It should be no surprise that more than 3,000 students default on their loans every day. The ultra-rich shareholders at Navient do a service to their fellow capitalists when they saddle workers with the distraction of never-ending debt. They count on the constant harassment by debt-collectors and the threat of wage garnishments being enough to keep people in line. They count on us always running on the hamster wheel to avoid poverty, with little time to consider a future beyond debt bondage. They expect that we’ll suffer our debts in private while we’re denied jobs because of our credit scores. But there are 44 million of us! We must unite to demand a cancellation of all student debt! Education should be free; other workers have won this right across the world. It’s time we catch up! Cancel the debt!