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.

Read in WSWS

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