The level of student loan debt has risen to $1.5 trillion and defaults are 40% and rising. Underneath the crisis are rising tuition costs, a predatory student loan industry and an absence of consumer protections for students. Governor Cuomo recently signed a new law that is supposed to help with the cost of higher education, and Senators Sanders introduced similar legislation at the federal level. Alan Collinge, the founder of Student Loan Justice, says that these efforts will not solve the crisis, which is going to hit within the next 12 to 18 months. Nothing short of a student debt jubilee will end the crisis.
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Relevant articles and websites:
Bernie’s Tuition Plan is Doomed to Fail by Alan Collinge
Trump’s Silence on Student Debt Crisis is Deafening by Alan Collinge
Alan Michael Collinge is Founder of StudentLoanJustice.Org, a grassroots organization, and author of The Student Loan Scam (Beacon Press)
Since Founding StudentLoanJustice.Org in March, 2005 as a result of his own personal experiences with college loans, Collinge has been featured on 60 Minutes, and also in print media including The New York Times, Forbes,Fortune Magazine, the San Francisco Chronicle, The Boston Phoenix, The Village Voice, The Chronicle of Higher Education, and others. He has published editorials in the Los Angeles Times, The Hill, Forbes, and many other outlets.
Prior to founding StudentLoanJustice.Org, Collinge was Associate Scientist of Aeronautics at the California Institute of Technology, and also was regional project director for a government loan program administered by the U.S. Department of Transportation.