Part of the movement of the Occupy Wall Street comes from angry younger people who have student loan debt from college, but can’t find careers in the wake of the Great Recession. Now they’re saddled with debts they can’t repay. Understandably, they’re resentful.
Student loans have become an American disaster. More than half now graduate with debt. Last year, they owed an average of $25,250, up 5.2 percent in a single year. The total looming burden is nearly $1 trillion and exceeds credit card debt. The crisis is worst for students who drop out, winding up with large debts and no degrees.