A growing movement is pressing for relief from this country’s oppressive and mounting burden of student debt. Last week, Sen. Elizabeth Warren addressed a gathering of millennials in Washington, organized by a group called Young Invincibles during a national day of advocacy around this issue.
I would also assert that massive life-long debt also represents a psychological set of shackles that renders a a such an important sector pliant/compliant.
Another dimension being that when that pliancy is recognized by those who implement it by such means, taking in (NOT earning), it serves as profound motivation to intensify both scope of application and rate of interest.
It is like a subculture that then catapults or hoists its petard into uber-culture/corruption arguably as pervasive derivatives and speculatory practices, not to mention the inane 'too big to fail' rationalizations, held as gordion knot/sword over the heads of much broader sectors of society.
Wash, rinse, repeat...
What has moved this country so far away from the fact that "children are our future and a good education is their future"??
The children and grandchildren of the couple thousand billionaires around the world can afford to give their families top of the line educations and then they can continue to rule the world. These people think they don't need the riff raft of all the commons except to serve their needs.
We need a political revolution not a half ass attempts at throwing us a few crumbs.
Jubilee, not lower interest rates, is the way to help those saddled with student debt. I dare any candidate to say the word.
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Then try Jill Stein ...
Really? Is Sanders for cancelling student debt? Source?
This is on Stein's agenda ...
Have an entrance exam, or baccalaureate. Have the top students attend "free" colleges. Anyone else want to go in, study harder or pay.
"It's unclear whether a free tuition program would fix one of the biggest challenges facing community colleges everywhere: low graduation rates. The CUNY schools are no exception. Just 4% of students earn their associate's degree within two years of enrolling, according to the report. About 26% finish after four years. A CUNY spokesman did not respond to a request for comment. "
"Merit-based free tuition survived through much of the last century until 1970, when the University dropped all tuition charges and accepted any student with a high school diploma. The move ushered in a brief period of free tuition for all undergraduate students that would not survive the economic realities. In fall 1976, amid the turmoil of a dire city fiscal crisis, the free-tuition policy was discontinued under pressure from the federal government, the state, and the financial community critical to rescuing the city from bankruptcy."
Apparently even though the Old Testament touted debt jubilees, none actually were recorded as happening, so I was informed by a bible student.
In any case the debts would be quite simple to delete. They don't require repaying. Reason for that is simple. the loans are all fiat, ex-nihilo sums. The banks didn't pay for them , they spend resources setting them up, but beyond fixing that there's no good reason for the principal sums to be repaid.
Banks are already positive with the repayments already received. Just leave it at that.
Then return to what always should have been the case, a basic free education right through to at least the bachelor's degree level.
There is absolutely no non political reason for making students pay. The education is a gross positive for the economy and the fed can underwrite teaching institutions with injections of fiat money, without limit.
A simple way to generate funds for education would be to establish a simple, low "fee" on investment transactions. This would not be a "tax" but a small charge attached to the privilege of purchasing financial assets (saving). Trillions of financial transactions could effectively finance education through 4 years of college, and perhaps more. An educated populace is far more liable to create jobs and stimulate the economy than an uneducated one.
I really like your work here connecting Jubilee with one of the most acute debt burdens today. Thank you. I've been studying the Jubilee in a focused way since 2000. Though I'd been told that the Jubilee was never practiced, I soon learned that it has been practiced all along by groups with Earth-size economies instead of the MultiEarth kind of economy that currently rules the world and demands more of Earth than she can deliver.
The Jubilee economic model impresses me in many ways.
(1) It seeks full participation in the economy, so it really facilitates participatory democracy beyond what capital markets show they can do.
(2) It is highly interdependent, interactive, interconnecting—valuing the wellbeing of the community of life above individual advantage.
(3) It cancels debt every 7 years, thus recognizing that we must be intentional about not dividing society into a hierarchy of debtors and lenders. The community of life can't bear hierarchies of indebtedness for more than 7 years without seriously eroding it.
(4) Whereas the capital economy has recently redistributed wealth upward at a radical pace and in extreme amounts, the Jubilee is able to redistribute wealth so that all continue to participate effectively in the community of life and its governance.
I'll stop. Thanks again for your post. I'm just delighted with how well you've connected Jubilee with this 1.3 trillion dollar enslavement of so many citizens, including one in my own family.