Student loan borrowers stage a rally in front of The White House to celebrate President Biden cancelling student debt and to begin the fight to cancel any remaining debt on Aug. 25, 2022, in Washington, DC. His name is Brad. He matriculates at a university that charges tuition and fees far beyond his means; he majors in postmodernist literary theory or queer studies; Brad’s classes aren’t demanding so he has plenty of time to attend rallies promoting socialism and Palestinian rights.
After four years — or five or six — Brad leaves behind keg parties and football games and graduates with a useless degree and a staggering five- or six-figure debt that he has no capacity to repay. This isn’t a small problem. Student debt exceeds $1.7 trillion, more than Americans’ total credit card debt. The average debt is $38,000, and some students owe hundreds of thousands. Many pay a significant portion of their income toward this debt for decades, putting off getting married, having children or starting businesses
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