Martin O'Malley's daughter, Grace shares the story of facing her own college debt

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Mollie Byron ‏@MollieByron 15h15 hours ago
It says a lot about Katie and @MartinOMalley that their kids are just as dedicated to public service as they are




Martin O'Malley ‏@MartinOMalley
I’m proud of Grace for sharing her story today. Will you share yours with us? http://martinomalley.com/debt-free-college … #OMalley2016

(Tell us your student loan story: how much debt do you have? At what interest rate? Are you paying for your kids, your grandkids?)

Amanda is a 34 year old law school graduate, who has over $150,000 in debt. “To chase the American dream, I put myself through undergrad and law school. In doing so, I had to heavily rely upon student loans. However, I am now weighted down by a monthly student loan payment akin to a mortgage. I will be paying off my loans until I am 60.”

Stephen is a 26 year old grad student: “I’ll graduate in December with $35,000 student loan price tag hanging over my head. I will be paying this loan off for years, it takes the enjoyment out of my accomplishment.“

Jackie is 29, and has $60,000 in student loan debt: “I work very hard to live debt free, but I’m afraid I will be paying my student loans for decades. Besides my rent, they’re the biggest bills I pay each month. I worry about them constantly.”

https://martinomalley.com/debt-free-college/

[TM99]

1. Like Sanders, I am really glad to see O'Malley

willing to tackle this problem.

I am pushing 50 and still have massive student loan debt from my graduate studies. Getting sick and being unable to make payments for about 4 years sent my account plus interest into a range where I will literally be paying my debts well into my 70's.

Something really does need to be done about this as well as the skyrocketing education costs on another generation.

Bravo for him coming out hard on this. I like both his and Sanders' proposals. I have yet to hear much from Clinton on the matter.

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2. I really like Bernie's proposal for free college tuition

"Sanders acknowledges that Republicans in Congress would never support such a proposal, but he told CNN's Wolf Blitzer that "the American people will go along with it."

http://money.cnn.com/2015/05/20/news/bernie-sanders-free-college/index.html

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4. Yeah, Republicans won't support either of these plans.

But we have to fight for them anyway.

I could get behind either of their plans.

They have some differences but overall the agreement is there that like other advanced nations education needs to be either free or imminently affordable and that the outrageous student loan debt that currently exists must be dealt with as it has the potential to negatively impact our economy.

[morningfog]

3. O'Malley has been putting forth some great plans.

It's too bad that Hillary decided to run again, he gets very little attention.

[FSogol]

5. K & R. n/t

[Jefferson23]

6. There are so many important issues and this one carries significant weight. Look at the

percentage of people these predatory neo-liberal policies have had and will have negative
results..the situation is unsustainable.

The debt is beyond credit card debt, it is huge. Except for the elite, wages have stagnated
for the most part and even declined for many. These statistics should not bring any confidence
to support a non aggressive non progressive approach to the problem. This issue is not happening
in other parts of the world and there is no necessity for it to continue here. This is the wealthiest
country on the planet..enough is enough.

I also hope among these conversations about university costs it is discussed
the ratio of administrators to faculty..another increase that has been huge
and too often we see these administrators rely on a business model not
utilized in the past...aka as corporate mentality.


I am thrilled O'Malley is bringing such attention to this problem, and I hope he never shuts up
about it.

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7. good point about the perversity of tuition costs skyrocketing

...in this country, compared to others.

"This is (one of the) the wealthiest
countr(ies) on the planet..enough is enough."

[Jefferson23]

9. It's like a web, so many connecting aspects and why I am grateful to hear O'Malley

and his daughter speak about it.

[FSogol]

8. "I hope he never shuts up about it." Me too.

[Jefferson23]

10. I can think of many groups who won't appreciate his message. When you start these conversations

it opens up a can of worms about our financial system..he's treading in areas the status quo
would rather he just shut up about. What big debt? What's wrong..what happened to personal
responsibility? Something is wrong here? Nah. You know the routine.

[Jefferson23]

11. Another reminder of the stats:

From 2/2015

Student debt is a source of constant anxiety for over 40 million students across America. Over the last three decades, the price of a college education has skyrocketed, forcing students to enter into debt arrangements to fund their education. As the prevalence of student debt has increased, so have its effects over the decisions that young people make today. Education is increasingly framed as a return on investment rather than an opportunity to expand one’s knowledge base, pursue academic passions, and generate a higher level of consciousness. In essence, student debt has warped higher education into vocational school, leaving little room for true academic exploration.

It would be useful to begin with an overview of the student debt situation in America. According to data collected in 2012, 71% of undergraduate students have student debt. The average debt of matriculating seniors is approaching $30,000, which represents a 25% increase from 2008 levels. The rise of this student debt can be attributed to various causes. The cost of attaining an education (including tuition and housing) has skyrocketed. In 2004, the average cost of private and public universities was $24,449 per year; in 2014, it was $30,681. A steady decline in appropriations of state funds for higher education has forced many students to borrow to cover increased costs of public university education. Finally, the economic recession of 2008 resulted in more individuals deciding to enroll in college coupled with lowered endowment funds to subsidize students.

Perhaps even more disturbing than the rise in student debt are the consequences of not paying this debt back. Students who default on their debt can have their wages, federal benefits, and income tax intercepted, can be sued for the entire amount of their loan, can lose their professional licenses, and can become unemployable because of low credit ratings. One fifth of student debt in the US comes from private loans, which compared to federal loans have higher variable interest rates, no default safeguards, and can be passed on to family members after death. Default is no idle threat either: seven million of the 40 million borrowers were in default over student loans as of June 2013.

Studies reveal that student debt can pervert the educational goals of higher education institutions, especially for low-income students. One study finds that students with debt are between 60 to 70 percent less likely to pursue graduate education than students without debt. Moreover, low-income students with debt are particularly more restricted in their educational options. Low-income students are the most likely to graduate with student debt and are often the most vulnerable to default. As a result, studies have shown that while higher-income students are more comfortable exploring majors linked to both high- and low- paying salaries, low-income students felt obligated to only pursue majors associated with high-paying careers. Rather than entering a university with an open mind to new bodies of knowledge, students with debt are funneled into high-paying fields and are deprived the chance to explore alternative academic passions.

in full: http://www.stanforddaily.com/2015/02/26/student-debt-perverting-higher-education/