As Obama Moves to Cap Student Debt Payments, Activists Push For Broader Write-Off of Crushing Loans
President Obama has unveiled new executive actions to address what some have called the nation’s next financial crisis: the over $1.2 trillion in student loans. Obama’s order will expand the "Pay as Your Earn" program capping loan payments at ten percent of monthly income. The program also forgives any outstanding debt after twenty years of payments. The massive cost of U.S. college tuition has saddled millions with crushing debt and priced many others out of the classroom. Student loans now exceed all other forms of consumer debt except for home mortgages. This year’s graduate class is the most indebted in U.S. history, with borrowers owing an average $33,000. More than 70% of this year’s class has taken on a student loan, up from less than half of graduates twenty years ago. We are joined by two guests: Pamela Brown, a Ph.D. student in sociology at the New School and leading activist on the issue of student debt; and Andrew Rossi, director and producer of a new documentary on U.S. higher education, "Ivory Tower."
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