$1,633,325,000,000... and growing
That was current figure at the time of this writing, and that amount is representative of the current student loan debt in the United States. Here is link for those interested in seeing a running debt clock provided by Student Loan Hero.
This is a problem of epic proportions that no nation should have to endure. More importantly, many other nations make sure they do not have to endure this enormous burden by providing college level education free to their citizens. More so in Germany, where anyone from anywhere in the world can get a free college level education (you only pay for your cost of living while in school).
This debt is not just a burden on the shoulders of those saddled with this debt, it also directly impacts the local, state, and national economy. When the youth of America is unable to reach lifetime milestones that were previously considered standard - i.e. buying a house, raising a family, attempting to start a business, etc. - it impacts all of us. Money which could be used to breath life into languishing districts is instead funneled to cover a debt that has interest rates so high, most people are unable to afford enough to cover their monthly interest payments. This causes their debt to balloon and get out of their control.
No citizen should be imprisoned by their decision to do better for themselves via higher education. Instead, since the outcome of more and more educated Americans is a boon to everyone around them, it would follow that helping anyone who has the work ethic to attend and complete their education should do so at no cost. Senator Bernie Sanders has already introduced his plan to not only eliminate the current debt, but to also ensure that future college hopefuls will not have endure the same tremendous burden.
For those worried about how this would be paid for, Senator Sanders details his plans on his website, and says, "[W]e will impose a tax of a fraction of a percent on Wall Street speculators who nearly destroyed the economy a decade ago. This Wall Street speculation tax will raise $2.4 trillion over the next ten years. It works by placing a 0.5 percent tax on stock trades – 50 cents on every $100 of stock – a 0.1 percent fee on bond trades, and a 0.005 percent fee on derivative trades." Find out more, here.
This is a problem of epic proportions that no nation should have to endure. More importantly, many other nations make sure they do not have to endure this enormous burden by providing college level education free to their citizens. More so in Germany, where anyone from anywhere in the world can get a free college level education (you only pay for your cost of living while in school).
This debt is not just a burden on the shoulders of those saddled with this debt, it also directly impacts the local, state, and national economy. When the youth of America is unable to reach lifetime milestones that were previously considered standard - i.e. buying a house, raising a family, attempting to start a business, etc. - it impacts all of us. Money which could be used to breath life into languishing districts is instead funneled to cover a debt that has interest rates so high, most people are unable to afford enough to cover their monthly interest payments. This causes their debt to balloon and get out of their control.
No citizen should be imprisoned by their decision to do better for themselves via higher education. Instead, since the outcome of more and more educated Americans is a boon to everyone around them, it would follow that helping anyone who has the work ethic to attend and complete their education should do so at no cost. Senator Bernie Sanders has already introduced his plan to not only eliminate the current debt, but to also ensure that future college hopefuls will not have endure the same tremendous burden.
For those worried about how this would be paid for, Senator Sanders details his plans on his website, and says, "[W]e will impose a tax of a fraction of a percent on Wall Street speculators who nearly destroyed the economy a decade ago. This Wall Street speculation tax will raise $2.4 trillion over the next ten years. It works by placing a 0.5 percent tax on stock trades – 50 cents on every $100 of stock – a 0.1 percent fee on bond trades, and a 0.005 percent fee on derivative trades." Find out more, here.