5 Reasons Student Loans Are Bullshit
Decoded is taking a look at some of the 2016 election’s biggest issues, so this week we’re tackling student loan debt. Whether you hate them or hate them, you’re probably going to have to deal with student loans in one way or another. Why? Because over 40 Million young(ish) Americans owe over 1.2 Trillion dollars in student loan debt and millions of others have this spectre of debt loom over crucial life decisions. And while there are no easy answers about what to do about it, there are a lot of good questions like: Why has tuition across the United States skyrocketed over the past 30 years? What are your student loans really paying for? Is there anything you can do? And perhaps most importantly, is this all just a bunch of Bullshit?
ELIZABETH WARREN JUST PERFECTLY EXPLAINED THE STUDENT LOAN CRISIS TO CONAN
“The United States government should not be making profit off the backs of kids who are trying to get an education,” Warren stated. And according to Warren, the U.S. has already spent that money. Warren's solution: set the interest rates at a "break even" point for the government and do that by making tax rates for millionaires and billionaires equal to those of middle class families.
"As a government, we can decide we’re either going to spend the same lump of money either to keep tax loopholes open for billionaires or to reduce the interest rate on student loans — and you want to guess who’s winning right now? The billionaires, and that’s wrong," Sen. Warren stated. “That’s why we have to fight back."
The Student Debt Sentence
The reform to higher education in England, which among other things tripled annual university tuition fees, sparked mass protests in 2010. In the lead up to the general election on May 7, only 0.3 percent of the policy debates dealt with the contentious issue of higher education.
VICE News follows students who feel let down by those in power and are once again taking to the streets and occupying their campuses. They are taking direct action against the new loan-backed fees system, which they fear is a ticking debt bomb, and their universities being turned into profit-driven corporations, rather than places to expand the mind.