Age is No Barrier to Student Debt

37 million Americans now owe a combined 1 trillion dollars in student loans. Over 25% are delinquent. There are more people between the ages of 30 and 49 paying off student loans than people under 30.

Many of them, and maybe you, are forced into low-wage jobs in order to immediately start making payments back to banks and lenders, and will still be paying your loans while trying to figure out how to send your own kids to college, take care of your parents and save for retirement. This is bad for us, and it takes money out of the consumer economy where it is greatly needed.

College tuition is free or nearly so in Sweden, Norway, Germany, Denmark, Netherlands, New Zealand, Ireland and France (to name a few) because their governments decided it should be. In contrast, our government has decided that we should have the 2nd highest tuition cost in the world, and that students should shoulder debt to pay for it.

The President’s Income Based Repayment Program allows some borrowers to pay 10% of their discretionary income and have the loan forgiven after 20 years. This is good, but not enough. If banks, farms and auto corporations can be bailed out, why not some help for us? 

Join our campaign to demand President Obama:

  • Allow all student loans to be repaid at an annual rate of 10% of discretionary income and be forgiven after 10 years; 
  • Expand the program to cover all student loans, public and private.

Film Discussion: Union Maids

September 24, 2017
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Join DSA member and labor historian Susan Hirsch in discussing Union Maids (1976). Nominated for an Academy Award, this documentary follows three Chicago labor organizers (Kate Hyndman, Stella Nowicki, and Sylvia Woods) active beginning in the 1930s. The filmmakers were members of the New American Movement (a precursor of DSA), and the late Vicki Starr (aka Stella Nowicki) was a longtime member of Chicago DSA and the Chicago Women's Liberation Union. It’s available free on YouTube, though sound quality is poor. 8ET/7CT/6MT/5PT.