With over $1.6 trillion of total debt, the student loan crisis continues to worsen, leaving graduates with crippling debt at the beginning of their professional lives and often shattering credit.
So dire has the situation gotten that the Betsy DeVos-appointed head of the Student Financial Aid office, A. Wayne Johnson, resigned from his post at the Education Department. Johnson will now apply for an appointment to retiring Senator Johnny Isakson (R-GA).
Alexandria Ocasio-Cortez Just Perfectly Exposed the Absurdity of Our Student Loan System With a Point About Her Own Election
Senator Bernie Sanders (D-VT), and Representatives Ilhan Omar (D-MN), Pramila Jayapal (D-WA), and Alexandria Ocasio-Cortez (D-NY) introduced legislation that would forgive the 1.6 trillion dollars of student loan debt faced by over 45 million Americans.
During the announcement, Congresswoman Ocasio-Cortez to point out that inflated student loan debt has created a crisis for Americans as old as their 30's, whose lives are stalled due to economic hindrance.
Fox News Host Just Accidentally Proposed Elizabeth Warren's Plan to Eliminate Student Loan Debt Without Even Realizing
Students of this year's graduating class of Morehouse College got the surprise of their lives recently when billionaire commencement speaker Robert F. Smith announced that he would be paying off the student loan debt of every Morehouse graduate of 2019.
While the gesture was undoubtedly generous, it speaks to the vast problem of inflated student loans across the country, pinning many graduates in debt before they've had a chance to build their careers.
AOC's Surprising Response to Billionaire Paying Off Morehouse Graduates' Student Loans Has People Nodding Hard
Representative Alexandria Ocasio-Cortez (D-NY) made a pointed yet necessary observation about student loan debt and the affordability of higher education amid news that billionaire Robert F. Smith announced he would eliminate the student debt of Morehouse College's Class of 2019.
The freshman Congresswoman urged her social media followers to compare the "life choices" of these students to those who are still saddled with student debt over the next decade.
Student Loan Debt in the U.S. Has Hit a New High, and Its Bonkers Rate of Increase Has People Concerned
The national student loan debt has reached a record high at $1.465 trillion, more than doubling its 2009 total of $675 billion at the end of the Great Recession.
The stratospheric amount of debt poses significant risk to the United States Department of Education, which acts as guarantor for over 90% of student loans. Should conditions like low unemployment result in widespread defaults, covering the brunt of that one trillion would be a significant blow to the Department of Education and, subsequently, its budget.