Why Haven't Young People Revolted Over Revolting Student Loan Debt?
I have written in the past about the generational war currently being waged by old people on America's young.
To me, the crushing student loan debt that our nation's young people labor underneath is the most striking, overt, and obvious front in this often quiet, subtle war.
Public Citizen has a quote from a WSJ article that explains the most egregious aspect of student loan debt in America: it's not just that our young people are taking on huge, never-before-seen levels of debt getting their educations, it's not just that many of them incur this debt at bologna for-profit institutions that essentially function as funnels to shove federal money into the coffers of Wall Street banks through student loans sold to young people, it's not just that the prospect of actually finding work in your chosen field has never been bleaker, it's that the federal government has withheld from our young people relief in bankruptcy from crushing student loan debt.
Student loan debt is crippling an entire generation of Americans. I'm not kidding. I see it with my law school classmates who can't leave jobs they hate and work that is unimportant because they need the paycheck. I see it with my clients—homeowners facing foreclosure, people who have been injured by the negligence or recklessness of others. I see it with family members who forgo advanced degrees because the specter of six-figure debt is too haunting. Certainly, the size of student loan debts is a problem. But, the fact that young people who need to file bankruptcy cannot (except in rare circumstances) get some relief from what is likely their single-largest debt is one of the true injustices of our time.