Forgive All Student Loan Debt
June 12, 2013
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“With all the other high-anxiety news out there — from NSA snooping to Syria to the trial of Trayvon Martin’s killer — there’s a quiet crisis that could get lost in the shuffle: If Congress doesn’t act, on July 1, students attending school on subsidized Stafford student loans — loans awarded on the basis of economic need — will see their interest rates double from 3.4 percent to 6.8 percent.
“Brandon Anderson is one of those students, and he’s started a petition urging Congress to keep the loan rate from doubling. Brandon, a veteran who is working with the I Am Not a Loan campaign, is worried about graduating with around $25,000 in debt, and with good reason. For someone just starting out on a career in an uncertain economy, debt like that — and for many students, it’s even more — can be a major obstacle to getting established in life, starting a family, and all the things we used to take for granted for young adults.
“Not surprisingly, this burden falls heaviest on young people of color, who remain on the losing end of America’s yawning racial wealth gap.”