A Generation Hobbled by the Soaring Cost of College

This link provides the most comprehensive review on the injustice and damage caused by excessive student loans: http://www.nytimes.com/2012/05/13/business/student-loans-weighing-down-a-generation-with-heavy-debt.html?emc=eta1

AT the very least reform must include:

1. Return of non-loan education grants (e.g. Pell grants and state-based financial aid) to previous levels, or adjustment to adequate levels so that loans are no longer obligatory, but a secondary means to fund a college education.

2. Student loan interest should be equal to the “prime rate” i.e the interest rate charged by the Federal Reserve Bank on their loans to banks. If we can lend public money to banks at 0.5% then we can lend it to citizens for education at the same rate.

3. Discharge of student loans through bankruptcy. If business loans and a hoast of other federal loans can be discharged through bankruptcy then why not student loans? Particularly since student loans are often made without full recognition or full consent….and they are often made under duress.