I think student debt is causing people to have psychological problems because many know they can’t ever pay it off. It is overwhelming and people become less productive due to this modern form of debt slavery. Some people thought their debt would be cancelled, but they discovered that this was not the case. And what about older, unemployed people without assets? Modern-day-debts slavery in the USA.
You are correct. At age 54, I’m in that place and because your credit score determines if you are employable, most like myself will remain that unemployed. If you have no assets, they will garnish SSA retirement and if you default, they’ll deny you SSA retirement and Medicare.
In 1992, a U.S. Senator stated that student loans were the only type of loan that attaches a criminal stigma given poverty is the only true crime in this country.
I owed $22,000 at graduation (cum laude) and paid $14,000 with 7 years to go. In January, they sold my loans and “lost” my payments and now I owe $62,000 and have to start over. I was granted disability in 2017, but denied discharge and this year, they decided that because I have two college degrees that I am no longer disabled and terminated my benefits…Coincidence? No.
I can’t work and nobody is going to hire me at my age in my condition and I’m either over qualified or under-qualified and I don’t have a car or a license.
Here’s what I have to show for working since age 12 and my duly earned college education…Nothing. I declared bankruptcy in 2017 given my injury cost me a 10 year career and sold everything except my clothes…I own nothing and never will and they’re making sure of it.
This is what us poor folks deserve given our parents weren’t wealthy enough to buy us an education.
I wish Biden would cancel ALL student debt. This would be a great investment in the people. It would stimulate the economy. Money has been invested in worse ways. Liberating people who are tied down by debt would be like freeing indentured slaves and letting them be productive again. Then the education system could be redesigned for all people regardless of wealth, lack of it, or ethnicity.