Dealing with old student loans has become so overwhelming for many families that it has almost risen to the level of issues such as climate change or criminal justice reform.
Detroit Free PressStudent loan debt is no doubt a drag on the U.S. economy, holding back how much money young consumers can spend on cars, homes and even invest in 401 plans or new businesses.
Yet the high cost of college — and the increasingly overwhelming debt loads — could resonate, just like jobs, throughout the 2020 campaign. The student loan debt crisis can be viewed in the context of both a"civil rights and economic justice issue," the report noted. And he's carrying that message into the 2020 race, now proposing eliminating all $1.5 trillion in student loan debt. His plan has no eligibility limitations.
U.S. Sen. Elizabeth Warren, D-Massachusetts, has begun pushing the message that consumer debt, including student loan debt, could help fuel the"coming economic crash." In just five years, the debt load went up by 78% to $902 billion in the first quarter of 2012. It was $292 billion for those under 30 in early 2012.
During the first Democratic presidential debate in Miami, U.S. Sen. Amy Klobuchar of Minnesota said she would"make it easier for students to pay off their student loans. Because I can tell you this: If billionaires can pay off their yachts, students should be able to pay off their student loans."
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