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There has been quite a bit of socio-political spin on the student loan crisis in the years since standard consumer protections were removed from student loans.
In a recent Forbes article, author Jeffrey Dorfman asserted his spin:
The total of all student loan debt just hit $1.5 trillion, so prepare for a slew of stories telling you how student loan debt is out-of-control and we must reform the program to avoid a crisis. Ignore the hype. The reality is that most borrowers are using student loans responsibly, graduate with a perfectly reasonable amount of debt, and are making a smart investment.
The Good Men Project published this rebuttal by Alan Collinge, Founder of Student Loan Justice (SLJ) (.org): Student Loan Debt Hits Record High, and That’s ‘Good’?
In his Good Men Project article, “Student Loans: Failing the Student and Society,” Collinge reported:
Even Wall Street is beginning to take notice. The Chairman of the Federal Reserve, Jerome Powell, recently remarked that he was “at a loss” to explain why student loans are treated differently from all other loans in bankruptcy proceedings. Last year, Jamie Dimon and William Dudley both pointed out that student debt was becoming a serious drag on the economy.
Derek Williams serves on the advisory board of SLJ and recently contributed an op-ed to The Good Men Project: “An Open Letter to My US Senator Regarding Student Loan Debt: The effect this crisis has on the economy—and 44 million Americans— is worth your vote”.
Dr. Jed Diamond, a long-time member of the Good Men Project community and one of the original contributors to this digital magazine commented on Williams’ article:
Derek, thanks for posting this and for the work you did. I was an older student when I went back for my Ph.D. 15 years ago. I thought I knew what the costs would be and that I could pay them back, but as you well know, once you embark on a Ph.D. program you know how long the coursework will take, but can’t know how long it will take to complete the dissertation research and have it approved by your Ph.D. committee. It took years longer than expected and the costs mounted. A partial Ph.D. is not worth anything so I kept on and completed it and came out with a debt that was difficult to pay. It took me years, but I finally paid it off. I was lucky to have a good job going into the program that allowed me to pay down my debt and eventually to pay it off. Others are not so lucky. Thanks for helping us all.
Jed raises an important distinction: He was working a well-paying job in his field while he was in school (as a mature adult) and was able to continue working after graduation. What about the many who also follow through and graduate from a program but then are not able to find employment in their field, or worse, are selected to interview but don’t pass the background check that often includes student loan debt?
ABC News had this same question. Watch this brief video of their report:
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Tell us your story.
- We want to hear from you. How have your student loans affected your life post-college? Your career? Your personal life?
- Have you decided not to marry or not to have children because of your debt?
- How has your student loan debt impacted your mental health?
- With society’s expectations of men—the old man box we at GMP are working to break down—has your student loan debt affected your perception of your own masculinity or how you respond to the perception others have of your masculinity related to student loan debt?
- If you paid off your student loans, how did you do so?
When you’re ready to submit, click one of the colorful boxes, below.
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Related, here on GMP:
Student Debt: $1.4 Trillion and Growing Out of Control — A Call for Submissions
Is higher education turning into a form of economic exploitation of students?
Student Loan Debt Hits Record High, and That’s ‘Good’?
Student Loan Justice Founder Alan Collinge rebuts Forbes’ claim.
The Disturbing Truth About Student Loans
Are student loans officially crashing?
Student Loans: Failing the Student and Society
The entire lending system may vanish into illegitimacy.
The True Cost of Student Loan Forgiveness Programs
Our government has apparently found a way to get blood from a stone.
More related to Student Loans
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