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“Now thirty years old, I have been incapacitated by debt for a decade. The delicate balancing act my family and I perform in order to make a payment each month has become the organizing principle of our lives. To this end, I am just one of about forty-four million borrowers in the United States who owe a total of roughly $1.4 trillion in student loan debt. This number is almost incomprehensibly high, and yet it continues to increase with no sign of stopping. Reform legislation that might help families in financial hardship has failed in Congress. A bill introduced in May 2017, the Discharge Student Loans in Bankruptcy Act, which would undo changes made to the bankruptcy code in the early 2000s, stalled in committee. Despite all evidence that student loan debt is a national crisis, the majority of the U.S. government—the only party with the power to resolve the problem—refuses to acknowledge its severity.
My debt was the result, in equal measure, of a chain of rotten luck and a system that is an abject failure by design. My parents never lived extravagantly. In the first years of their marriage, my father drove a cab. When they had children and my father started a career in the auto industry, we became firmly middle class, never wanting for anything, even taking vacations once a year to places like Myrtle Beach or Miami. Still, there was usually just enough money to cover the bills—car leases, a mortgage, groceries. My sister and I both attended public school. How much things cost was a constant discussion. Freshman year of high school, when I lost my yearbook, which cost $40, my mother very nearly wept. College, which cost roughly $50,000 a year, was the only time that money did not seem to matter. “We’ll find a way to pay for it,” my parents said repeatedly, and if we couldn’t pay for it immediately, there was always a bank somewhere willing to give us a loan. This was true even after my parents had both lost their jobs amidst a global financial meltdown. Like many well-meaning but misguided baby boomers, neither of my parents received an elite education but they nevertheless believed that an expensive school was not a materialistic waste of money; it was the key to a better life than the one they had. They continued to put faith in this falsehood even after a previously unimaginable financial loss, and so we continued spending money that we didn’t have—money that banks kept giving to us.”
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