As commencement season approaches, graduating students will soon hear words of wisdom from speakers offering experience, advice and inspiration. One thing they’re not likely to hear about is the $1.08 trillion elephant on the quad — our nation’s student debt crisis.
That is how much U.S. households are estimated to owe in student loans, twice as much as in 2007. In fact, student debt now exceeds credit-card debt, putting millions of families at risk of bankruptcy. Forty percent of households headed by someone under the age of 35 are saddled with student debt and unable to buy homes, raise families and secure their futures. This doesn’t just hold back individuals — it holds back our economic recovery. Meanwhile, Congress manufactures false debt crises instead of solving this very real one.
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