Obama Going to Save Us From Our Student-Loan Debt Disaster?



Is Obama planning on helping out Americans who are in a debt pile so deep, it’s bigger than the entire American credit card hole? $1,000,000,000,000 and counting (but not with anything other than addition — we can’t afford to educate ourselves beyond that math level anymore).

As seen on Bloomberg news:

The U.S. Education Department, which hires private collectors, said today it would mandate that the companies use a standard form to gather debtors’ income and expenses. If borrowers protest, they would be offered an income-based formula, which can result in payments as low as $50 a month for an unmarried person with $20,000 in income and $20,000 in loans.

The collection companies — which receive commissions of as much as 20 percent of recoveries — are facing complaints that they insist on stiff payments from defaulted borrowers even though the Obama administration and Congress have approved more- lenient plans, Bloomberg News reported March 26. The education department is also reviewing the commissions it pays collectors.

Massive default is certainly in the future, and in the present — $67,000,000 in default so far — so what is the motivation for this band aid? With shooting up hockey-stick style, with measures to perhaps double it in the near future, people will need to be more responsible for their own education, fair or not (not).

Student Debt Stories – What’s Your Story?

Student debt is bigger than credit card debt — about a $1,000,000,000,000.00, give or take a $1,000,000,000.00 or $2,000,000,000.00 — and apart from the recent PR news that we have a rising economy, it will be impossible for many to pay off that investment.

But so what? Some kid decides to get a college degree in Early Rock Jewelry of Upper-Middle-Earth Hobbits, and they can’t afford it. Why should you care?

For one, if you’re trying to continue a growth-based economy (which, of course, is physically impossible), then having potential consumers taking their money and sending off to the banks, as opposed to investing it into their economy, is a back-breaker for such an economy.

But it goes beyond the numbers you can find in Forbes’ “The American Nightmare”.  Intelligent, well-educated people everyday are choosing between paying their heating bills or student loans. And for those who are lucky enough to skip college, the workforce isn’t going their direction — as enrollment decreases, the amount of jobs for which employers require a degree is not.

One Occupier wrote us and asked us to spread the word about his project. What’s your story?

NewsiT (www.newsit.net) a startup crowd-reporting site covering the
student loan crisis, and we’re looking for students and recent
graduates who can tell us their stories and how student debt is
affecting their lives:
http://newsit.net/assignments/how-will-student-debt-affect-you

Click his link below and fill it in. There’s a lot of storytelling that needs to be done, if we want people to occupy educated.