U.S. Student Loan Defaults Up 70% in Ten Years
Student defaults on loans rose 17% in the last year with 4.2 million students now in default. The average student debt on leaving college is $34K. When you consider the low wage jobs that await any poor, working class or even middle class student and the fact of all the interest accumulated on top of those loans, it’s clear these students will be in debt for at least 20 years – if they are lucky. The class basis of banking is only too transparent. Unlike capitalist ventures that fail, students who default cannot claim bankruptcy.
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About The Author
Bruce
Bruce Lerro has taught for 25 years as an adjunct college professor of psychology at Golden Gate University, Dominican University and Diablo Valley College. He has applied a Vygotskian socio-historical perspective to his four books: From Earth-Spirits to Sky-Gods: the Socio-ecological Origins of Monotheism, Individualism and Hyper-Abstract Reasoning Power in Eden: The Emergence of Gender Hierarchies in the Ancient World Co-Authored with Christopher Chase-Dunn Social Change: Globalization from the Stone Age to the Present and Lucifer's Labyrinth: Individualism, Hyper-Abstract Thinking and the Process of Becoming Civilized He is also a representational artist specializing in pen-and-ink drawings. Bruce is a libertarian communist and lives in Olympia WA.