Do not tease me like this. My student loans (taken out in my name and in the name of my parents) are a constant source of anxiety. And it really annoys me that the U.S. government bailed out the banks and bankers that got themselves into this trouble, while leaving the youth of the nation in debt.

@Irina I - The youth don't vote. And if when we do, that's not the issue deciding who we vote for. And the youth aren't big donors, either. We're not putting any pressure on these elected officials. There's no incentive for Congress to help us: there's nothing in it for them to help us and they face no negative consequences if they don't.

Unless we develop carrots and/or sticks, they won't act.

@Josh- in every election in history, you would have been right, except this one. The youth does vote, and the youth turned out in record numbers in the freaking primaries!

Is it absurd to expect that I should be able to pressure Congress with just the power of my vote, even though I'm not a major donor or a corporation?

This cynicism will ruin us. We have the votes to take every single one of them out of office.

As for carrots, I think that their salaries and being above the law when it comes to sex and financial scandals is reward enough for their "public service."

That being said- I hate the bailout, but it is still better than the alternative of letting the whole financial system go down.

@Tim- It remains to be seen. The youth may very well turn out more than they have in previous cycles. Whether they do or not, they're not a voting bloc the way that the AARP retirees are. The youth vote isn't about student loan debt.

It's not absurd or cynical. It's just realistic. Everybody wants everything - there are competing interests on every issue. And incumbents want to be reelected. I'm not saying there is a complete lack of altruism in Washington, D.C., but Congressmen have to prioritize. If you run a cost/benefit analysis from Congressman X's perspective, he's not losing any votes by giving this issue a low priority. And if he tries to fix it, he's up against 434 others who won't go for it, and if they did, they're giving someone the short end of the stick. Higher negatives for the Congressman who chooses this path. So it's a net loss for the Congressman to help college graduates in debt. Not worth it to stick his neck out if it's going to be chopped off.

It's just not a high enough priority. That's all.

So if we want this problem to be addressed, the public needs to create consequences (positive or negative) to make it a higher priority.

I think this is a really interesting idea. Could that money that all these young people would be saving go to helping the economy stabilize, nay FLOURISH? I'm no economist, so I can't say. But here are my numbers:

Monthly student debt payments: $360
Percentage of monthly income: 16%
Yearly student debt payment: $4,320
Years before I pay off my student loans: 8.5 (11 if you count deferment for b-school)
Age I will be when student loans are repaid: 35 (!)

Let's just say I'd be buying a home, investing in the stock market, saving for retirement and stimulating the electronics economy a lot more and a lot sooner!

If my student loans disappeared, my life would change dramatically. Right now, a third of my income goes to student loans. If I got that money back, I would be able to buy a house in six months, I would pay off my car in one year, or I would go on an exotic vacation every three months. That is how much of a difference it would make.

The more I think about it, the more I am starting to think that it is a great idea!

I would probably follow my life long dream: to be a DJ/popstar. Hopefully that would make me famous and wealthy. More likely than not, I would be headed back to law. But without the loans, I would at least be able to find out.

@Josh I have a hard time believing that government loans alone have contributed to rising education costs. A lot of the price increase have to do simply with increased demand for higher education.

I would imagine a student debt bailout would have a huge impact. You have to wonder how many 20-30 somethings don't buy property because they are still paying off student loans. I think it's telling the bailout as supported by the White House is almost exclusively targeted toward bailing out only companies without addressing issues of executive compensation, direct support to affected homeowners, and others that are of interest at the microeconomic level.

@Vanessa- I'm not saying it was the sole cause, but it was a major contributor.

A bailout is only a temporary fix, it's not a long term solution to the student debt problem.

What we really need is to reduce the actual cost of a college degree. Fixing this may require us to revisit how we earn college educations - perhaps we need more apprenticeships/internships involved in the process.

@Adam - How would free college improve the situation? Would state schools be free? What would be the requirements to get in/stay in?

@Ben - I look at the way my husband earned his "education" as a carpenter and I sometimes wish my college experience had been more like that. While he learned, he earned a livable wage and acquired and entire skill set. Now he has a career his love and no need to pay off gen-eds from freshman year.

@Evelyn - Part of me would love to see student loans bail outs but that part of me would also love to hit the lottery on a ticket I never bought and spend the rest of my days getting massages poolside. But a girl can dream.

I can tell you what it's like for me to live without student loan debt, thanks to a wealthy father. I live and work in an area where housing is very expensive, so I do not own property. I doubt that I would have the skills or inclination to take care of a house. I earn a decent income that is well above the national average but is considered low in my field and unlikely to grow much if I stay in my job. If I had to repay student loans as well as pay my current rent, I would not be able to to save anything unless I moved into a cheaper place and gave up much of my current lifestyle. As it is, my job allows me time to pursue hobbies that are not all that cheap but may eventually lead to an additional (or a new) income source, and I have plenty of savings. I could do better if I were more dedicated to my career, but I like other things better.

Good luck with that, Anonymous. No matter what you think you're entitled to, you signed a contract, and contracts are binding.

Seriously, do you think there's a way current 20 and 30 yr olds can join together and become a critical mass with a voice?

Is there anyone else/ any groups working on this?

My life would be way different if I didn't have the constant anxiety of student debt.

I would love for some kind of bail out on my student loans. I am over 80,000 in student loan debt. I have to pay 750 dollars a month just in student loans. That does not even include my husbands student loans. Or any of our other bills we have to pay to survive or to care for our daughter.

Why don't they actually bailout the American people rather than the banks and execs that have money. And for those out there saying you have a degree you can get a good job, you live in the midwest and get a job right out of college. I am lucky if I can get 25,000 a year to start off. This doesn't cover my student loans, daycare, and gas to get to my job, not to mention anything else we have to pay.

How about they actually do something to help out the real problem?! Help out the American people and the economy will recover on its own.

At least allow me to write off all $18,000 per year that I pay in interest. I can write it off on my mortgage, why not my school loan? After all, it was a capital investment, right? Also, let me refinance at a lower rate. 8.25% is killing me - and I only make $40K/year. Cancelling the debt - that would save me over $2,500/month between my husband and me on loan payments. Think of the things we could do! Boost the economy - you bet! I'd party like it was 1999!

I think the fair thing to do would be to do a case-by-case analysis of each student in debt. Any bailout should be contigent upon the amount, the average annual income of the student since graduating college (only those who've actually graduated would be eligible, and even then dependent on the aforementioned requirements), and an assessment of an and all honest attempts to make payments regulary. Agreed, bailouts are a slippery slope, but if we're going to talk about bailing out individuals with risky credit ratings having made loans on houses they couldn't afford in the first place, and lenders who live luxrious lifestyles from these same bad loans, then why not those of us who were sold a virtual bill-of-good for trying to achieve the American Dream, but falling short due to changing economic tides that were beyond our control?

I agree with what many commentators have said.
1. My student loans were incurred in good faith and my education is, at least generally, for the betterment of society and an investment in the future of America.
2. However, the loan payments take a huge chunk of my paycheck that, honestly, are disproportionate to the value rendered.
3. Federal statutes and lending practices, even non-private loans, are geared towards maximizing profit rather than paying off debt (e.g. compounding principle, paying interest before principle, bankrupcty non-dischargeability and an unlimited or exemption from any statute of limitation).
4. Cancelling, forgiving or paying student loans would put CASH into the pockets of millions of Americans without increasing consumer debt.
5. So far, the bailout is only helping big, bloated, dysfunctional companies try to stem the tide of paper losses that really doesn't have a direct impact on the economy like consumer spending. Meanwhile execs still get paid far more than the median income for their failures and the American taxpayers keep throwing money down a bottomless pit.

Bottom line...I CAN NOT pay my my student loan at this time or possibly not in my lifetime!! I took out a student loan for my masters' degree with Sallie Mae in 1999. At the time the total loan with accrued interest, would've be of $40,000. I have been in forebearance for over a year now since my husband lost his job 2 yrs. ago. Now interest has accrued so that if I make the requested payments of $350. a month the total amount paid for the loan would be $61,000. I am 55 years old and a teacher in FL. basically living from paycheck to paycheck...sometimes borrowing from here to pay over there. I stress about the time I reach age of retirement and still have this monkey on my back!! How about bailing us the ones who really need it than the billionaires out there.

In this economy, the entire nation is having to cut financial corners. I have been a college graduate from the Academy of Art University since 2005 and was never able to find a career in my field of study. I had to settle with a local job making much less of an income than anticipated. I've been able to keep up on my very high student loans as of late and was able to manage through a 1 year deferment, hoping that an opportunity to excel with my degree would surface. Unfortunately, that never happened, and after a relocation to another state and the economy trials, a career in my field became even more difficult to become a part of.

So, as of now, I am working at a very low income, with many expenses from student loans that I incurred during my time going to school. With my deferment about to end, and additional student loans about to resurface, I fear that I will not have enough financial means to support myself, as well as keep current on all of my debts. My wife is currently working as a school teacher and bringing in half of the income. She has recently heard news that with an upcoming layoff she will be employed in the next few months, therefore, we can not depend on her income, at this point.

As of now I am forced to pay $500 a month in student loans, and that will raise to $850 in April at the end of my deferment. That is just for student loans. I was hoping to find a position in my field of study before the deferment ended. With this financial strain, and unexpected financial setbacks arising, I am wondering what options I may have to help with my loans for the time being. I do not want to fall short of my student loan payments if I can help it. But at this time, it is near impossible to keep up with the payments that I have, let alone, the added loans next month when my deferment ends. Please get back to me as soon as possible so that we can work together and figure out a way to prevent me from gaining outstanding debts.

I am willing to do everything that I can, to continue to pay my student loan debts, but wanted to make you aware of the financial strain that I am suffering, as I'm sure many others in this nation are as well.

Rob,

Yes. I believe that bailing out student load debt would produce more jobs, both directly and indirectly. Many student loan holders are working professionals who employ support staff. With fewer personal obligations/burdens, the working professional can employ more people, or for longer hours.

Indirectly, the former student loan holders will have more disposable income, spending more to help the local and national economy.

Todd.

I have no student loans, but I would not only support a cancellation of student loan debt, but I would also look at our Higher Education structure as well that has allowed students to get in such a financial mess.

I would like to play devils advocate here for a moment. College degrees can't be repossessed. OK, true. With a college degree in theory you can go out there and make money. Again, in theory true. However think about this: not all people who get college degree go out there to become high powered business people making enough to pay back their debts.

There is a large class of individuals who take what they've learned and head for jobs that pay little compared to high powered jobs, but do good for society. Think of teachers, social workers, nurses, doctors and lawyers who work pro-bono. Could these individuals go make lots of money elsewhere? Yes, but they've decided to give back to society by taking lower paid positions for the improvement of all of us.

Perhaps a compromise would be free college education in exchange for a rotation as a public servant. just an idea.

"There's only two types of fair, state and county, and this is neither."

Sign me up.I agree with PhD. "CANCEL STUDENT LOAN DEBT, Mr. President--
Help us with our student loan debts. 700 million in bailout-- how about pasting some of those million to the Department of Education Student Loan default /deferrant program. Maybe
past a certain threshold, or a certain number of years, or whatever might sweeten the deal
ain threshold, or a certain number of years, or whatever might helpour student loans finacial burden go away.
this will help the econcomy,lenders(Banks) and the borrower(us) What can we do about the bank getting the deal at the end?

I have to agree with @Payyourbills here. I have a hard time feeling sorry for people who get themselves into debt. You're all smart, educated people, obviously, you have degrees. You are capable of researching your chosen career path and likely salary before making the decision to undertake expensive study in that field. You are also capable and reading a contract, including interest rates, fees etc before signing it. If you do all this and still go ahead it's really no on elses fault and no one else should be made to pay for your decisions.

hat first bailout was supposed to solve some problems and instead it just alerted the banks that they don't have to fix their own problems because Uncle Sam will bail them out!Online Degrees | Online undergraduate diploma