Student Loans Personal National City Corporation

Occupy Student Loans

A prominent (if disputed) criticism of the Occupy Wall Street movement has been its amorphous, platform-free nature. But as the protests that began in New York in September have continued, spreading across the United States and the world, one clear issue of concern has emerged: student loan debt.

On the movement’s unofficial manifesto, the “ We Are the 99 Percent ” Tumblr blog, young adults hold handwritten signs with their personal stories. More often than not, they include tens of thousands of dollars of debt and, the former students write, little hope for good job opportunities.

“I have $50,000 in student loan debt and my B.A. is useless,”  one wrote.

From another:  "Graduated college: May 2010. Debt: $35,000. Jobs in US: None .”

Some are resigned: “I am 38 years old. It will take me almost 30 years to pay off my student loans (in 2023) .” Others are plaintive:  “I am 24 years old and am $90,000 in debt from getting a college education. Why are we being punished with debt for getting a higher education ?”

The protests (which New York City authorities are trying to shut down this morning ) came at a moment when several trends were already converging, observers say: rising college costs, an increasing emphasis on promoting higher education for low-income students, more borrowing and decreasing numbers of jobs for new graduates.

But while the roots of the outcry over loans may be clear, the long-term repercussions are not. The movement’s focus could be a political flash in the pan, dissipating once the world’s attention turns elsewhere. Or the growing public awareness of student debt could lead to better consumer protections, especially on private loans, or to more responsible borrowing habits.

The anger about student debt could also create difficulties for President Obama, for whom students and young graduates are a key voting bloc, although it's unlikely that federal loans make up the majority of the most problematic debt. Many of the students with the most onerous burdens took out private loans, which had few consumer protections until the recent past. Banks, a key target of the Occupy protesters' ire, also now play a much smaller role in the federal student loan program after changes made in 2009.

Occupy Student Loans

November 15, 2011

A prominent (if disputed) criticism of the Occupy Wall Street movement has been its amorphous, platform-free nature. But as the protests that began in New York in September have continued, spreading across the United States and the world, one clear issue of concern has emerged: student loan debt.

On the movement’s unofficial manifesto, the “We Are the 99 Percent” Tumblr blog, young adults hold handwritten signs with their personal stories. More often than not, they include tens of thousands of dollars of debt and, the former students write, little hope for good job opportunities. Some are resigned: “I am 38 years old. It will take me almost 30 years to pay off my student loans (in 2023).” Others are plaintive: “I am 24 years old and am $90,000 in debt from getting a college education. Why are we being punished with debt for getting a higher education?”

The protests (which New York City authorities are trying to shut down this morning) came at a moment when several trends were already converging, observers say: rising college costs, an increasing emphasis on promoting higher education for low-income students, more borrowing and decreasing numbers of jobs for new graduates.

But while the roots of the outcry over loans may be clear, the long-term repercussions are not. The movement’s focus could be a political flash in the pan, dissipating once the world’s attention turns elsewhere. Or the growing public awareness of student debt could lead to better consumer protections, especially on private loans, or to more responsible borrowing habits.

The anger about student debt could also create difficulties for President Obama, for whom students and young graduates are a key voting bloc, although it’s unlikely that federal loans make up the majority of the most problematic debt. Many of the students with the most onerous burdens took out private loans, which had few consumer protections until the recent past. Banks, a key target of the Occupy protesters’ ire, also now play a much smaller role in the federal student loan program after changes made in 2009.

City, A Story of Roman Planning and Construction

The city

National Science Education Standards, observe, interact, change, learn

LLC Or Corporation?, How to Choose the Right Form for Your Business

The national parks, America's best idea : an illustrated history