On April 25th the total amount of student loan debt in the U.S. is due to top 1 trillion dollars

[Fire Walk With Me]

http://www.occupyboston.org/2012/04/23/ob-media-rundown-42412/

Occupy Student Debt Campaign calls for national day of action to mark the moment total US student debt passes $1 trillion

On April 25th the total amount of student loan debt in the U.S. is due to top 1 trillion dollars. This marks a momentous victory for Wall Street-much to the despair of student loan debtors across the country. On this date, the profiteers on Wall Street will be popping champagne bottles, eating caviar, and sneering at the debt-burdened students and graduates who lug around this 1 trillion dollar ball and chain.

1 in 2 new graduates are jobless or underemployed

[MannyGoldstein]

1. Sorry, responsible Democrats don't really care about stuff like this

Sigh.

[joshcryer]

2. President Obama's fighting to prevent student loan interest rates from doubling

When it comes to preparing Americans for the jobs of the future and growing a strong middle class, higher education has never been more important. It's also never been more expensive. College tuition costs have been on the increase for years, and for the first time, Americans owe more debt on student loans than credit cards. And it could get worse in just over two months: If Congress doesn't take action soon, interest on subsidized Stafford student loans will double on July 1. 7.4 million students will be, on average, $1,000 more in debt each year Congress doesn't act.

Students have a staunch advocate in President Obama. After all, this President knows what the burden of student loans is like—both he and the First Lady went to school on loans and didn't pay them off until 2004. President Obama has consistently supported efforts to keep college affordable: He doubled our investment in Pell Grants to help more than 3.7 million more students afford college. He fought for a college tax credit that's worth up to $10,000 over four years of college. And he capped student loan payments at 10 percent of monthly income, which will help 1.6 million students stay afloat as they start their careers.

And now, President Obama is calling on Congress to act to keep interest rates down, calling higher education "an economic imperative every family must be able to afford." The Republicans' presumptive nominee, Mitt Romney, on the other hand, suggests students "shop around" if they're worried about the costs of affording a college degree.

Romney has proclaimed his support for the Ryan budget, which would let student loan interest rates double and the college tax credit that helps 9 million families expire. And it would make massive cuts to Pell Grants and other education funding in favor of tax breaks for the wealthiest Americans, who, no doubt, have little trouble affording college.

http://www.democrats.org/news/blog/president_obamas_fighting_to_prevent_student_loan_interest_rates_from_doubl

[MannyGoldstein]

6. How about fighting for inexpensive college education

like most or all other industrialized countries have?

First we get rid of unskilled jobs through crushing "free" trade agreements.

So people are forced to get astronomically-expensive training so they can qualify for a job.

The 99% should not be forced to take on staggering debt just to get a decent job.

[joshcryer]

11. As senator, Obama missed votes on student loan bill he now wants to extend

In 2007, then-Illinois Sen. Barack Obama missed two votes on the student loan interest bill that he now wants Congress to extend.

Obama twice skipped the Senate vote on the College Cost Reduction and Access Act when the bill came to the Senate floor first in July and again in September of 2007, according to public records.

The bill, introduced by Rep. George Miller (D-Calif.) and signed into law by President George W. Bush, first cleared the Senate in July on a 78 to 18 vote, with Obama as one of only four senators to abstain. Obama did not cast a vote again in September, after the House and Senate had ironed out different versions of the bill. He was on the conference committee assigned to merge the House and Senate versions of the bill.

He issued a statement when the bill was signed by President Bush, saying, "by investing in education we are restoring America's competitiveness in the world, and today is an important step forward."

http://www.politico.com/politico44/2012/04/as-senator-obama-missed-votes-on-student-loan-bill-121386.html

Politics.

Mitt has already embraced the student loan proposal.

They want to both court the youth vote.

Yeah, politics is that cynical.

[sabrina 1]

3. That's outrageous. All student debt should be forgiven.

Who is profiting from this? I know I have read about this disastrous situation but can't remember right now all the details. I will do some research again, so much corruption it's hard to remember all of it.

[phleshdef]

7. No thank you. I borrowed the money from the tax payers. I'd prefer to pay it back.

Its my patriotic duty to do so.

[joshcryer]

4. The student loan bubble is going to make the housing bubble look like nothing.

It's really tragic to be sure. The entire schooling system needs to be nationalized.

[white_wolf]

5. +1000.

The bad thing is a lot of it is already technically under the control of the State, but costs keep rising. I know my state school raises tuition every year, while cutting academics and giving their sports department people and chancellor a nice rise. Hell, I wouldn't be too shocked if they gave Pat Summit some kind of bonus this year after she retires.

[dkf]

9. Why is it so expensive?

I do not understand what is driving costs.

[joshcryer]

10. The privitization of schooling, institutionalized education is a business.

It doesn't help that subsidies have been heavily reduced.

[OneTenthofOnePercent]

8. When you offer large loans to young people with little income or assets...

their collective debt will syrocket. I mean really... is this so surprising? What did people think was going to happen when every kid wanting $50k without a real job or assets/equity gets it and a recession comes along?

The only reason the student loan debt is so large because more money is available for student loans than ever before.

[joshcryer]

12. The problem is that the system is set up to make the rich richer and poor poorer.

If you don't get into an Ivy League school good luck making it far up the ladder. OK go to college, fine and dandy, but hit your caps before the 4 years are up because the subsidies aren't there, and pow, you just graduated with a diploma that is almost worthless.

[HiPointDem]

13. by design. rentier economy. keep the income streams flowing to the rentiers until they've

drained everything.

[a la izquierda]

14. I can't even get scared or stressed out about my loans...

I just consolidated. $600/month. That's a damn mortgage. It's a good thing I love what I do and that I'm reasonably well-paid. I could've done income contingent for a lot lower, but I really didn't want my husband's social security affiliated with this mess I got myself into.

It's very scary for many.