Screwed by an enormous burden of debt, students around the nation are rallying today and calling for a student loan debt jubilee. The total amount of outstanding student loan debt has now topped one trillion dollars – outweighing credit card debt and automobile debt for the first time ever.
The Occupy Movement is leading the rallies today – calling for students across the nation to come together and pledge to not pay back their student loans – pressuring lawmakers and banksters to have to eventually forgive the massive debts. To make matters worse for students – the interest rate for federal student loans is scheduled to double in July if Congress doesn’t act.
President Obama appeared on Late Night TV to urge Congress to act quickly to provide relief for students, but Republicans so far aren’t budging. Of course the easiest way to fix this problem is to do what most of the other developed nations in the world do – consider higher education a basic right and send their young people off to college for free.