© MinyanvilleWhat price education?
Last week, a group of students gathered at Zuccotti Park dressed in graduation robes and covered in chains to protest heavy college debts. Meanwhile, according to
Salon.com, a Hunter College student burned his Sallie Mae loan bill in protest.
While burning a bill may not have quite the symbolic significance of burning a draft card, rumblings of a student debt revolt have been in the air for a little while. In perhaps the most blatant example, the chain wearing Zuccotti students announced the formation of the
Occupy Student Debt Campaign. One campaign organizer, quoted by
Fast Company, believes that her entire life has been destroyed by student loan debt.
Meanwhile, several prominent US companies are making a ton of money off of student loans. The Salon.com article lists the five biggest student lenders, starting with Sallie Mae, who currently own $151.4 billion in loans. They're followed by Wells Fargo, Discover, Nelnet, and JP Morgan Chase, all of whom own at least $10 billion dollars worth of debt.
More damningly, these lenders have been accused of engaging in several predatory practices. For example, its been suggested that Sallie Mae has made subprime loans to students attending for profit schools with high dropout rates. Wells Fargo has recently begun offering fixed rate loans but the percentages go as high as 14% for "those attending community colleges or trade schools, or in other words, for lower-income borrowers."
Comment: What can US citizens do when their hands are tied, not only by unemployment, but direct Government intervention?
US: Having More Than 7 Days Of Food Makes You A Suspected Terrorist
What the Bureau of Labor Statistics do not have an account of (or is willing to share) is the number of people who've lost unemployment benefits.
US Social Crisis: 25 Million Unemployed and Underemployed