I know I'm going to get piled on for this post, but I think it's important for students, and graduates to know who is clearly the best candidate on the issue of student loans.
It's Hillary, read below to see why. Also, come to StudentLoanjustice.Org to find out more about the issue.
Student loans barely existed 30 years ago, but today, the student loan industry has grown into an $85 billion gorilla increasing at double the rate of inflation in the ensuing years. The average student borrower (undergraduate only) leaves school with $20,000 in debt, and $42,000 for graduate students.
These are big numbers, particularly given that not everyone graduates, not everyone gets the dream job they had expected, and some people suffer financial difficulties after graduation due to events beyond their control.
However, nearly every standard consumer protection has been legislated away from student loans by the republican Congress since 1994.
Bankruptcy protections were removed, as were statutes of limitations, refinancing rights, Truth In lending requirements, and other consumer protections that we take for granted with EVERY other type of loan in the country are gone for student loans.
At the same time, Congress has given the industry draconian collection tools such as wage garnishment, Social Security garnishment, Disability garnishment, tax return garnishment, suspension of professional licenses, and others...all without a court order.
In fact, there is a pervers incentive for lenders to put loans into default, rather than maintaining them in good standing because of the penalties and fees that they can make from delinquent accounts. It's truly sickening.
So Hillary Clinton, I have to say, did far more than any other member of Congress to address this issue, and return at least some consumer protections to student loans. Her Student Borrower Bill of Rights has language to return bankruptcy protections, refinancing rights, and also sets limits on how much a borrower can be forced to pay on their loans.
Barack Obama has done nothing like this for student loans. Its even more troubling to me that he hasn't even addressed the issue of returning standard consumer protections to student loans on the campaign trail. He's talked around the issue to be sure, but hasn't said word one about returning standard consumer protections to student loans. Wish he had, but he hasn't.
So if you're concerned about student loans, then Hillary is way the best choice.
I know alot of you Obama supporters are going to blow me up for this post, but I would urge you to save your breath. There simply is no refuting what I am saying here. My advice to you: Talk to your candidate and ask him about it. See what he says. My bet is he says nothing.