Student loan experts sound alarm on 'trillion-dollar blackhole' via YahooFinance
“Every 28 seconds, another borrower defaults… like kerosene on a fire, student debt is … tearing our country apart,” stated Seth Frotman, former student loan ombudsman and the executive director of the Student Borrower Protection Center. “We cannot continue to be lobbied into believing that the companies getting rich off the misery of millions of Americans are not part of the problem… [and] the trillion-dollar black hole in our financial markets.
“Patriot Act” host and former “Daily Show” correspondent Hasan Minhaj, who was also invited to join the panel, also noted in his opening comments: “This issue is sidelining millions of Americans, people are putting off marriage… retirement.” But privatizing all the student loans in the federal government's hands wasn’t going to fix everything, one panelist noted.
While the course of action was hotly debated — from addressing the rising cost of college tuition fees, privatizing student loans, improving transparency to even claiming that the crisis wasn’t in the committee's jurisdiction — House Committee Chairwoman Maxine Waters stressed the urgency of the situation.
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