The more I read about it, the more shocking the story becomes about student loan debt.
It is just disgraceful that young people have to start their lives drowning in debt incurred to get an education. How can you expect them to be able to buy homes and cars and start families in this kind of situation?
I’m sorry, but we have to find some better way for young people to get their education- or re-look at the educational system. Admittedly, many young people go to college who probably shouldn’t; we need to remind people we need plumbers and electricians as much- or more- than we need more lawyers and stock brokers. And we need to support that balance by leveling the income gap.
The young people are smart enough to realize this, too. Income inequality is the core issue here….
Now, it appears student loans are driving these kids to prostitution. This is not the first article I’ve read on this….
Another way for the rich to exploit the young and poor…
The young man standing next to the “Jail Sallie Mae, Cancel All Student Loan Debt” sign in Liberty Plaza last night could very well end up in jail himself – not for protesting economic injustice and marching on Wall Street, but for doing sex work to pay off his student loans. “My loans are $1,300 a month,” he said. “My rent is $1,300 a month. My salary is $2,600 a month. You can see the problem. So I work as a prostitute for food and utilities.”
Though he works a day job in the tech sector, it’s not enough to get by. “But it could be worse,” he continued. “I could have to do sex work for all of it.”
With the Department of Education estimating that outstanding US student loan debt will soon exceed $1 trillion and job growth stalled, students face the very real prospect that there’s no way to ever pay back their debts. As of this May, new graduates are leaving college with an average of $22,900 in debt each, which, according to the Wall Street Journal, makes the class of 2011 the most indebted in history. They are members of a generation of students who knew taking out loans to finance a degree – or two – was a gamble on their own futures. As Lindsay Personett, a recent graduate from Oklahoma City University, put it at Wednesday’s solidarity march to support the Wall Street occupiers, “Kids are told to get this expensive degree and you’ll get a job. You end up owing too much and owning nothing.”
Wednesday also saw solidarity walk-outs to Occupy Wall Street from hundreds of students from the New School, New York University, Columbia University, and several CUNY campuses. According to CBS Local, 150 students walked out at Brooklyn College to join the tens of thousands in Foley Square and Liberty Plaza. The student walk-outs are part of a larger national walk-out action, supported by OccupyColleges.org, which spanned at least 100 campuses across the US. Their demands go beyond calls for “job creation.” They are questioning the convergence of interests in the education and financial systems that require them to take on soaring, unforgivable, high-interest debt in order to get an education.