The United States is plagued with a student loan debt crisis that has surpassed $1 Trillion dollars. Both students and their parents are borrowing at record rates to afford the skyrocketing costs of higher education. However, the majority of these students graduate and are unable to find a secure job, leaving them unable to make their student loan payments.
There are also many people who have lost their jobs and are unemployed, so they take out more student loans to return to school to improve their chances of getting a job. But, upon graduation they too are often unsuccessful in finding a job.
A third tragic factor in this scenario is the people who are employed, but in jobs with such low paying wages that they are still not able to make student loan payments because they are struggling to make ends meet just paying for living expenses. As their student loan interest compounds, it becomes practically impossible for them to ever work their way out of debt, much less saving for the future.
The combination of the high costs of college education and the lack of decent paying jobs has created a vicious cycle of debt in the United States, affecting the lives of millions and resulting in a downward spiral of the U.S. economy.
We are petitioning the U.S. Government to take stronger and swift action in addressing the issues of college affordability and creating more jobs in America.