Student Debt: A Penalty the Poor Pay for Not Being Wealthy

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by Carl Gibson
Occupy.com
3/24/2015

Student Debt is a Trap

Student debt is no longer just about education – it’s become a trap used to keep poor people from becoming wealthy. And if prolonged, it will lead to massive social and economic instability.

Even though President Obama has hinted that student debt from private lenders may be forgiven, he conveniently left out that 90 percent of student loans are owed to the federal government, which will make approximately $127 billion in profit from student loans over the next decade.

People who aren’t born into bottomless wealth have two options in life: struggle to stay afloat, or move up the class ladder. Those who choose the latter are told that the best way to ensure class mobility is to get a good-paying job, save money, and make smart investments.

To get a good-paying job, a college degree is almost always required to even get a response after applying. And to get that college degree, the average person has to take on approximately $30,000 in debt. When factoring in rising costs of living, steadily-increasing interest rates, plummeting wages, and a volatile job market, making regular payments on such a tremendous amount of debt is almost impossible.

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