U.S. should trade student debt for public service

NJ Star Ledger ^ | 05/16/2012 | Dawood Farahi and Benito Nieves

[SeekAndFind]

If ever there were an issue that ought to unite Democrats and Republicans, it should be the nation’s burgeoning student debt crisis. No elected official, regardless of ideology, should be in favor of burdening our young people with crushing debt simply because they followed their dream of attaining a college degree.

During a recent conference call between President Obama and higher education officials, students and political leaders, we were struck by the urgency in the president’s voice. He clearly understands that student debt is more than a “manufactured crisis,” as Senate Minority Leader Mitch McConnell of Kentucky described it. It is a genuine crisis that will lead to delayed marriages and families, fewer first-time home sales and an overwhelming sense of despair among young graduates.

This is not just a student issue, but a societal issue, the responsibility for which must be shouldered by us all. We sent a message to young people that a college degree was the surest path to success and security in our global, knowledge-based economy. Yet for those with the will but not the means, this is nothing more than an unfunded mandate.

The president urged us to support a measure that will stop a doubling of interest rates on federally subsidized Stafford student loans. The interest rate on Stafford loans is due to increase from 3.4 percent to 6.8 percent on July 1 unless the president and Congress act to block the hike. If we do nothing, some 7 million students will be affected.

It is clear the interest rate increase would have painful consequences for students who already struggle to manage student loan debt and an unwelcoming economy. What’s more, even if the interest rate remains unchanged, millions of graduates face the prospect of enormous financial liabilities at time of weak job growth

[Darnright]

>Obama purposely created the Indebted Student Class.<

If I recall correctly, the Dem majority Congress under Bush passed a law that made it impossible to discharge student loan debt.

Once that passed, college tuition took a huge jump and has been climbing steadily ever since.

[fireforeffect]

Been doing it for years.

Join the Army, Navy, or Air Force. They will pay off you student loan debt, to a point. You might have to go more than one enlistment to cover that third doctorate in ________studies.

[Buckeye McFrog]

The indebted students can work off their debt by joining the OWS movement.

Exactly what they have in mind. (you didn't think the "public service" they were assigned was going to involve candy striping at Walter Reed, did you?)

[Presbyterian Reporter]

“”If I recall correctly, the Dem majority Congress under Bush passed a law that made it impossible to discharge student loan debt.””

What do you mean by discharging a debt? Can you explain further so I understand the background?

[Paladin2]

"What do you mean by discharging a debt?"

Through bankruptcy.