Writing at the Huffington Post, Rep. Karen Bass makes the case for a comprehensive fix to the student-loan debt crisis. For one thing, student-loan interest rates will double on July 1 from 3.4 percent to 6.8 percent.
If I’ve heard it once I’ve heard it a thousand times from my Republican colleagues: we have to stop passing debt onto the backs of future generations. There’s plenty of room to debate how best to achieve that goal but not enough attention is being given to the crushing debt being placed on the backs of future generations from student loans.
Last month marked the one year anniversary of student loan debt crossing the $1 trillion mark — making it second only to mortgage debt. Americans now owe more in student loan debt then credit card or automobile debt with the past 10 years showing a staggering 511 percent increase.
Many have tried to down play these facts or flat out deny there is a student loan debt crisis. They argue borrowers should take personal responsibility for what they owe and not look for a bail out from the government.
Borrowers should bear responsibility for their loan obligations but it’s just wrong to say there isn’t a crisis or to somehow suggest that because these Americans chose to get a good education they should be saddled with a lifetime of debt.
Read Karen Bass’ entire piece at the Huffington Post.
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