A Quote by Elizabeth Warren
That is especially important as more young people must take on huge debt loads to go to college.
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I think building the middle class, investing in the middle class, making college debt-free so more young people can get their education, helping people refinance their - their debt from college at a lower rate. Those are the kinds of things that will really boost the economy.
At a time when the average student is graduating from a four-year college $27,000 in debt, when hundreds of thousands of capable young people no longer see college as an option because of high costs and when the U.S. is falling further and further behind our economic competitors in terms of the percentage of young people graduating from college, no agreement should be passed which, over a period of years, makes a bad situation worse and will make college even less affordable than it is today.
The cost of college education today is so high that many young people are giving up their dream of going to college, while many others are graduating deeply in debt.
There's more student debt than credit card debt! Everywhere I go, I run into young people trying to build careers while they keep shelling out money on their education loans. If the economy is looking for a new generation of home-buyers, I can't imagine they'll get it from these folks.
People tend to think that paying a debt is like going out and buying a car, buying more food or buying more clothes. But it really isn't. When you pay a debt to the bank, the banks use this money to lend out to somebody else or to yourself. The interest charges to carry this debt go up and up as debt grows.
I don't think young people are prepared for the moment of reckoning at the end of college - if you even go to college - where you have to get off of the hamster wheel and decide, 'Wait, where do I go from here?'
There are many good reasons for young people to go off to college, open their minds, develop their skills and enjoy themselves. But probably the major attraction is the fact that income disparities have increased sharply between those who go to college versus those who do not. This pattern corresponds with the stagnation of average wages since the early 1970s. The reality under neoliberalism has been that, if you want to have a decent shot at a good-paying job with a chance for promotions and raises over time, the most important first step is to get a college education.
College dropouts with significant debt struggle with repayment over the course of their lives and do not receive the benefits afforded to their peers who have debt but obtain higher-paying jobs as a result of college completion.
Long term debt and bank debt (including off-balance sheet financing must be judiciously employed. There must be room to expand the debt position if required.
The war being waged against the radical imagination, particularly around young people, is just startling. Young people are laboring under a burden of debt that so ties them to a survivalist mode of existence that it's impossible for them to dream anymore. Trying to recognize what the forces are that actually squelch the imagination is a lot more interesting to me than people who go and "find themselves" because they're no longer on the grid.
We need more good jobs, and that means we've got to start educating young people, starting literally in the first five years of life making sure that every kid in every zip code has good teachers and good schools, making college affordable, helping people pay down their debt.
Kids should go to college, but they should go to the best school they can afford to get through with minimal or no debt. That might mean going to a community college or an inexpensive local state school. Whatever it takes.
We have to do more to make it easier for parents to balance work and family. If you left college with a ton of loans, it`s not enough just to make college more affordable. You need help right now with the debt you already have.
The primary reason people seek job security is because that is what they are taught to seek, at home and at school..then with debt loads, they must cling even tighter to a job, or professional security, just to pay the bills.
I think the most important issue for all of us is our economy and jobs and creating opportunities for young people to be able to get the education that you need to be able to afford to go to college.
The national budget must be balanced. The public debt must be reduced; the arrogance of the authorities must be moderated and controlled. Payments to foreign governments must be reduced. If the nation doesn't want to go bankrupt, people must again learn to work, instead of living on public assistance.
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