October 28, 2024
The Student Loan Crisis Is a National Emergency. We Should Treat It Like One.
By Evan Robins
A year after the payment pause, a report from the SDCC reveals the failures of the student loan system. Cancellation is not just a financial necessity—it’s a moral imperative.
(Anna Moneymaker / Getty)
In October 2023, the restart of student loan payments ended a three-year pause, plunging millions into financial instability, confusion, and stress.
Despite the Biden-Harris Administration’s attempts to ease the burden, over 70 percent of borrowers find it difficult to afford their monthly payments, and nearly 42 percent say that they have cut back on essentials such as food, rent, and healthcare in order to afford their loan payments, according to the Student Debt Crisis Center’s (SDCC) new report, A System in Disarray.
The report lays bare the failures of our student loan system and underscores the need for immediate action. Drawing on data from over 11,000 student loan borrowers, the findings highlight a blatant disconnect between recent policy efforts and borrower experiences.
What we are witnessing is no longer simply a lack of fundamental policy but an assault on the financial well-being of millions. The student loan crisis is a national emergency, and the time to act is now.
