In case you don’t know, due to the same reckless lending that lead to the housing market collapse of 2008, banks lended student loans at outrageous and often unaffordable interest rates. Students paying back nearly twice what they borrowed but never enough to fully pay off their debts well into their first few years of their professional careers.
Add to that a bad job market which had only been in decline since 2008, very few white collar jobs being created, Trump mostly created blue collar wage jobs, not salary jobs; the kind coveted in by college graduates, and so the type of jobs these Gen x-ers and Millenials were supposed to be able to get after college forced them into wage labor. Which cannot support their crippling debts and living expenses.
Now, are the colleges to blame for the higher tuitions? Yes.
Should loans keep unfairly raising their interests well beyond unreasonable amount when they’ve made their investments back twice or three times over? No.
Were all those in loan debt responsible with their money? No.
But, like it or not, keeping people under crippling debt isn’t going to move our economy forward nor sabotage it anymore than it already has.
