Student Loan Debt Hits the $1 Trillion Mark: Slavery and a Moment of Clarity

By    April 25, 2012 8:25 pm     Posted in Featured Sections   harmonleon g+ page

We did it! We did it! We did it! Student loan debt has hit the trillion dollar mark. A trillion — flipping — dollars.Do you know what a trillion dollars looks like?

In case you’re wondering, a trillion dollars looks a lot like this:

A trillion dollars = $1,000,000,000,000

That’s a whopping 12 zeroes; a trillion is a million million dollars. To put it into a relatable perspective: a trillion dollars is more than what Mark Zuckerberg makes in a year!

Since 1980, student tuition has skyrocketed up 600%. Here’s some fun facts: Our national student loan debt is higher than credit card debt. (Credit card debt comes in at a puny $704 billion.) Almost 28 percent of student loans are in the $25,000 to $200,000-plus range.

Hey students: Welcome to your bright future! Good luck working a lifetime to pay off that interpretive dance degree.

Utilizing direct democracy, student loan activists gathered today in New York and some 20 other cities – the protests are meant as “a reminder that private banks are still very much in the predatory lending business; this time it’s students not homeowners.”

Question to ask yourself: Is the student loan system a form of slavery? Comedian Lee Camp sees the debt crisis that way. You’re a slave and here’s why; it’s Lee’s Moment of Clarity:





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    Tags: Federal Reserve Bank of New York, Lee camp, Mark-Zuckerberg, moment of clarity, student loan, student loan debt, trillion dollar student loan debt

    Comments

    2 Responses to “Student Loan Debt Hits the $1 Trillion Mark: Slavery and a Moment of Clarity”
    1. Adam says:
      April 29, 2012 at 9:18 am

      I'm all for some government subsidization of education. Just like any investment though, they need to look at the ROI. What types of education will benefit the country. Will that History of Chilean Dance degree actually help out the economy, will you be advancing any scientific research, or will you be a barista at the local starbucks? We still need Baristas, so here's a couple hundred I guess…

      Some one else goes for a hard science degree, maybe wants to get their doctorate in nuclear physics, sure, lets give this guy some money. He's actually set to do some good for the country.

    2. CarlGarrison says:
      January 16, 2013 at 2:01 am

      It is really appalling to see such a hefty figure of a loan amount. One hundred million would have already been massive from my opinion, but to multiply that by many more zeroes, is simply atrocious. And this is not about housing mortgages which are inevitably expensive. This is regarding study loans, which seems really absurd to hit such a peak. More government subsidies should be introduced which will not only benefit the students but also the country, when people are more educated and ready to contribute on a more professional level to the economy and beyond.

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