A Generation of Students in Debt

By the end of the year, the student loan debt will surpass $1 trillion. Thats more than all of the credit card debt combined.

Young college students accept home mortgage size debts before they even have a stable income.

With the passing of the 2005 bankrupcy bill, a student cannot be discharged from a loan debt even if they declare bankrupcy.

So now what? America has created a generation of wage slaves. And with the student loan bubble as the next to break, the payers will be suffer the consequences.

With the unemployment rate skyrocketing, most of these students do not have the means to pay. And if they do win decent jobs, most of their earning will go toward paying their student debt. So in other words, the banks will win fabulous profits.

The heart of the problem: American students have been scammed. Fooled into thinking that a pricey education is key to their success, they have signed away their financial freedom. These for profit colleges have pushed students into crushing debt.

Ever since Goldman Sachs bought the for profit college chain in 2006, things have looked sketchy. Its yet another example of how rich and powerful institutions exploit the young, the minorites and the poor for a profit.

And then we wonder why people march in the streets