Student Debt Threatens the Future for Everyone

overwhelmed_student-300x300A college degree was once an investment in the future, a path to a good job, a home, car, vacation and money set aside to retire some day. But that college education has for many, become a ball and chain limiting future growth. Unless we begin to address this debt issue we will continue to see a growing chasm in American society – those who have access and wealth –  and those who have mortgaged their future with little way to dig themselves out of debt.

Since the Great Recession began, states have dramatically cut their allocations for higher education. Nationwide, higher education budgets have been slashed 27 percent since 2008 or more than $2,300 per student.  We are just now beginning to see the effects on our economy – and the great risk to our future.
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Families and Our Future Sinking in a Sea of Student Debt

This is the first in a three-part series by the Alliance for a Just Society, looking at the high cost of student debt for our country and for our future.students campus photo

Young college graduates are putting their futures on hold as they struggle under the burden of high student debt – and a weak economic recovery that has failed to provide good jobs for them. Young adults in their 20s and 30s are delaying buying houses, cars, furniture or starting families. The implications for every family, and our nation, are huge.

Student loan debt has passed $1.2 trillion, according to the Consumer Financial Protection Bureau. Such widespread indebtedness has many causes and the ramifications are pervasive – including a decline in purchasing power.
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