Government Officials Propose the Student Loan Bill of Rights
I really really really, did I say really, hope S.1803 – Student Loan Borrower Bill of Rights passes. College affordability has a very long journey, but helping students deal with the current system as is, can be a fantastic start. This is a need that the US cannot ignore. Every time a new bill is proposed and the issue is brought to the local and national stages are small steps in the right direction.
After all, as highlighted in the article, “…the Institute for College Access and Success’ (TICAS) Project on Student Debt found that seven in 10 of 2012 college graduates had student loan debt. Additionally, the Class of 2012 had an average debt of $29,400.” And that’s just undergrad.
The goal of this legislation is to increase loan transparency, improve the relationship and level of communication between recent grads and their lenders. Ultimately, the bill aims to help recent graduates attain total repayment so the ability to purchase homes, cars or other goods is more than a figment of a dream. At this point owning a home and not living with 2+ roommates for most (for those lucky enough to move away from their parents) is a laughing matter. It should not be.
One of the best rights this law would offer is providing options such as alternative payment plans to avoid default. In an economy where raising the minimum wage is still contentious and being able to get any job is like shaking a magic 8 ball, it is somewhat nice to know that those aspiring to educate themselves will have options. After all going to college was supposed to provide options in the first place to better compete in our capitalistic economic system. College was not designed or intended to sink graduates in quicksand before they have a chance to reach for a sturdy branch. Perhaps walking the plank will not be the only path.
However, it would it be better if higher education as a whole were cheaper or even perhaps a constitutional right relieving and/or minimizing the need for debt.
But for the sake of a short term goal acting as a foundation for a long term solution, I embrace the perceptive and targeted words of Sen. Durbin, “Borrowers are already struggling to make ends meet as they graduate with debt that surpasses their annual wages.” We want a successful self-sufficient work force. We can accomplish this by providing the support and tool necessary to pay for their education and not punishing our young Americans for trying to better their futures in the first place.
Posted on December 27, 2013, in College Affordability, Congress, Drowning in Loans, Education, Education Policy, General, Payments, Possible Solutions, Right to Education, Student Liberty, Student Rights. Bookmark the permalink. Leave a comment.