The US Department of Education, backed by our Congress, courts and President has created a new economic slave class in America. By allowing colleges and universities to charge outlandish sums of money to attend, without large federal and private loans and financial aid the average person of working or middle class means cannot afford higher education.
Average student debt has risen to over $29,000 as of December 2013 according to both Forbes and CNN Money.
The household income cutoffs for any free aid - federal, state and private - are too low, so for most students federally-backed loans, often in excess of over $45,000 for current graduates, are the only way to pay to attend college and earn a degree.
Graduates (or their parents) are then submerged in a debt many simply cannot afford to repay. Underemployment and unemployment is rampant in many parts of the country for the so-called "educated class". Defaults on student loans are now heading into the billions of dollars because many of us can't earn enough for the bare necessities of life and pay that loan too.
Our elected officials, those who answer to them at the Department of Education and federally backed lenders are making huge profits by imposing insane penalties on helpless defaulters, garnishing wages and refinancing their balances under draconian terms.
Regardless of illness, injury, tragedy, job layoff - the government guidelines enforce a running meter with the scam also known as "forebearance", piling on interest to the principal balance while we suffer.
The only way out is death if you can't pay.
Their greed is transparent to all; their aggression is naked. We the people need to stand up against this economic enslavement. No other nation on earth imposes this burden on its populace for the right to an education. The greed of a few is robbing our nation of its present and future.
