BY ALAN COLLINGE, CONTRIBUTOR128
TWEET SHARE MORE
Over the past ten years, nearly $1 Trillion has been added to the nation's student loan tab. Today, there are 44 million people saddled under this debt, and a majority of these people are unable to make payments on the debt.
During this time period, student debt has eclipsed credit card debt, auto loans, and every other type of non-housing consumer debt.
The lending system has exploded in a predatory mushroom cloud in the absence of standard consumer protections that exist for every other type of loan, like bankruptcy and statutes of limitations.
Hillary Clinton used to know this. Ten years ago, she introduced the Student Borrower Bill of Rights Act (S.511) in the Senate.
This bill paved the way for the return of standard bankruptcy protections, put repayment caps on loans, and offered several other significant and substantial benefits to borrowers.
It is interesting to note, also, that 10 years ago (around the time the republicans lost both the House and the Senate), a leaked strategy memo from Sallie Mae, the student loan beh
https://thehill.com/blogs/pundits-b...Z_z39mjF1gJC7VW9afBhHVuIM9jBc5KGEN_WvbU-pAPZY
TWEET SHARE MORE
Over the past ten years, nearly $1 Trillion has been added to the nation's student loan tab. Today, there are 44 million people saddled under this debt, and a majority of these people are unable to make payments on the debt.
During this time period, student debt has eclipsed credit card debt, auto loans, and every other type of non-housing consumer debt.
The lending system has exploded in a predatory mushroom cloud in the absence of standard consumer protections that exist for every other type of loan, like bankruptcy and statutes of limitations.
Hillary Clinton used to know this. Ten years ago, she introduced the Student Borrower Bill of Rights Act (S.511) in the Senate.
This bill paved the way for the return of standard bankruptcy protections, put repayment caps on loans, and offered several other significant and substantial benefits to borrowers.
It is interesting to note, also, that 10 years ago (around the time the republicans lost both the House and the Senate), a leaked strategy memo from Sallie Mae, the student loan beh
https://thehill.com/blogs/pundits-b...Z_z39mjF1gJC7VW9afBhHVuIM9jBc5KGEN_WvbU-pAPZY
