5 Reasons Why the Student Loan Crisis Matters

May 13, 2013
By Allie Gregory | 64 comments

Here's what you need to know about Student Loans:

1.  The first 3 months of 2013 were the worst on record for student loans.

2.  In those 3 months, $3.5 billion in gov’t and private loans went bad.

3.  In the last 30 years the cost of college has sextupled.

4.  Over 6.8 million federal student loan borrowers have defaulted.

5.  US Department of Education system for collecting bad loans is struggling to keep up with over $85 billion debt.

We need to solve the impending student loan crisis before it’s too late. Here's our chance, Sen. Elizabeth Warren has introduced a bill that will give students the same ultra low interest rates as big banks.

WATCH HERE:


“As a country, every time we advance money to the big banks at low interest rates, we invest in those banks. We should be making at least that same kind of investment in our students.”

Become a citizen co-sponsor of Sen. Warren's bill here.


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Comments

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keep interset rates low please.

alex melendez

Keep intrest rate low

dexter baird

Keep interést rates low

stephanie medina

Keep interest rates low.

Kaitlyn Rodriguez

Keep interests rates low.

Eddie Meza

Keep interest rates low

Shakiela Jones

How do you make sense out of the nonsensical? I applaud senator Warrens proposal on student loans. I think if we all communicate our outrage on this issue and our full support of senator Warrens proposal on this issue. I firmly recommend this course of action to anyone and everyone. robert thioulon

robert thioulon

How do you make sense out of the nonsensical? I applaud senator Warrens proposal on student loans. I think if we should all communicate our outrage on this issue to our congressional representatives and our full support of senator Warrens proposal on this issue. I firmly recommend this course of action to anyone and everyone. robert thioulon

robert thioulon

Makes sense but please include graduate student loans in this too. We are ALREADY paying 6.8%!!!

Kathryn Hautanen

My student loan debt is equivalent to 2/3 of my mortgage, and has a higher interest rate.

Daniel Harkness

Another part of the problem comes from how the financial aid package is determined. As a college student filling out the FAFSA form, one issue that I always saw as a problem, was the requirement to include parental income, even if there was no financial support provided by the parents. I inquired about this with the financial aid office more than once but was always told, that unless I could prove that I had no ties to my parents (not just no financial ties, but rather, no relationship at all), their income must be included and must be factored into the financial aid package.

Daniel Harkness

With the talk of student loan interest doubling come July, I find my heart heavier each day. A personal example: My son, is already paying 200.00 per month on his student loans and only 50.00 of that is going to his principle. That's already a triple interest rate he is paying. It is a bigger rip off than a PayDay Loan! This is a national scandal! The United States Congress needs to address issues pertaining to the American people, put the people who they have sworn to serve first for a change, over their Oligarchial crowd! "Of the people, by the people, for the people!"

Trae Haggard

I think it's great

Tyann Adams

I'm a freshman at San Pedro high school next year I will be a sophomore and I would like to be up on my gpa. To get into a good college I want to attend a all African American college or all girls college /university I love to dance and I really want a scholarship so by the Time I go to college I won't have to worry about student loans .

Tyann Adams
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