{"id":78,"date":"2022-04-28T19:20:57","date_gmt":"2022-04-28T19:20:57","guid":{"rendered":"https:\/\/pressbooks.ccconline.org\/ppcc5\/?post_type=chapter&p=78"},"modified":"2022-05-04T21:55:48","modified_gmt":"2022-05-04T21:55:48","slug":"ending-the-secrecy-of-the-student-debt-crisis","status":"publish","type":"chapter","link":"https:\/\/pressbooks.ccconline.org\/ppcc5\/chapter\/ending-the-secrecy-of-the-student-debt-crisis\/","title":{"raw":"Ending the Secrecy of the Student Debt Crisis","rendered":"Ending the Secrecy of the Student Debt Crisis"},"content":{"raw":"Fear of facing society\u2019s ostracism for failure to pay them back has left borrowers alienated and trapped in a lending system that is engulfing them in debt bondage.\u00a0<\/em>\u201cFace in the Dark\u201d<\/em><\/a>\u00a0by\u00a0<\/em>Elijah Hiett<\/em><\/a>\u00a0via\u00a0<\/em>Unsplash<\/em><\/a>\r\n\r\nGamblers and reality TV stars can claim bankruptcy protections when in financial trouble, but 44 million student loan borrowers can\u2019t. Unemployed, underpaid, destitute, sick, or struggling borrowers simply aren\u2019t able to start anew.\r\n\r\nWith a default rate approaching\u00a040 percent<\/a>, one would expect armies of distressed borrowers marching in the streets demanding relief from a system that has singled out their financial anguish. Distressed student debtors, however, seem to be terror-struck about coming forward to a society that, they say, ostracizes them for their inability to keep up with their finances.\r\n\r\nWhen we spoke to several student borrowers, almost none were willing to share their names. \u201cI can\u2019t tell anyone how much I\u2019m struggling,\u201d says a 39-year-old Oregon physician who went into student loan default after his wife\u2019s illness drained their finances. He is terrified of losing his patients and reputation if he speaks out about his financial problems.\r\n\r\n\u201cIf I shared this with anyone they will look down upon me as some kind of fool,\u201d explains a North Carolina psychologist who is now beyond retirement age. He explains that his student debt balance soared after losing a well-paying position during the financial crisis, and that he is struggling to pay it back.\r\n\r\nFinancial shame alienates struggling borrowers. Debtors blame themselves and self-loathe when they can\u2019t make their payments, explains Colette Simone, a Michigan psychologist. \u201cThere is so much fear of sharing the reality of their financial situation and the devastation it is causing in every facet of their lives,\u201d she says. \u201cThe consequences of coming forward can result in social pushback and possible job\u2013related complications, which only deepen their suffering.\u201d\r\n\r\nDebtors are isolated, anxious, and in the worst cases have\u00a0taken their own lives<\/a>. Simone confirms that she has \u201cworked with debtors who were suicidal or had psychological breakdowns requiring psychiatric hospitalization.\u201d\r\n\r\nWith an average debt of just over $37,000 per borrower for the\u00a0class of 2016<\/a>, and given that incomes have been flat\u00a0since the 1970s<\/a>, it\u2019s not surprising that borrowers are struggling to pay. Student loans have a squeaky-clean reputation, and society tends to view them as a noble symbol of the taxpayers\u2019 generosity to the working poor. Fear of facing society\u2019s ostracism for failure to pay them back has left borrowers alienated and trapped in a lending system that is engulfing them in debt bondage.\r\n\r\n\u201cAlienation impacts mental health issues,\u201d says New York mental health counselor Harriet Fraad. \u201cAs long as they blame themselves within the system, they\u2019re lost.\u201d\r\n\r\nStudent debtors can counter despair by fighting back through activism and political engagement, she says. \u201cConnection is the antidote to alienation, and engaging in activism, along with therapy, is a way to recovery.\u201d\r\n\r\nDespite the fear of coming forward, some activists are building a social movement in which meaningful connections among borrowers can counter the taboo of openly admitting financial ruin.\r\n\r\nStudent Loan Justice, a national grassroots lobby group, is attempting to build this movement by pushing for\u00a0robust legislation\u00a0<\/a>to return bankruptcy protections to borrowers. The group has active chapters in almost every state, with members directly lobbying their local representatives to sign on as co-sponsors to HR 2366. Activists are building a supportive community for struggling borrowers through political agitation, local engagement, storytelling, and by spreading a courageous message of hope that may embolden traumatized borrowers to come forward and unite.\r\n\r\nJulie Margetaa Morgan<\/a>, a fellow at The Roosevelt Institute, recently noted that student debt servicers like Navient have a powerful influence on lawmakers. \u201cStudent loan borrowers may not have millions to spend on lobbying, but they have something equally, if not more, powerful: millions of voices,\u201d she says.\r\n\r\nA recent\u00a0manifesto<\/a>\u00a0by activist and recent graduate Eli Campbell calls for radical unity among borrowers. \u201cYoung people live in constant fear that they\u2019ll never be able to pay off their debt. We\u2019re not buying houses or able to afford the hallmarks of the American dream,\u201d he explains.\r\n\r\nIn his call for a unified national boycott of student loan payments, inevitably leading to a mass default on this debt, Campbell hopes to expose this crisis and instigate radical change. In a\u00a0recent interview\u00a0<\/a>he explained that the conditions for borrowers are so bad already that debtors may not join the boycott willingly. Instead, participation may simply happen by default given the lack of proper work opportunities that lead to borrowers\u2019 inability to pay.\r\n\r\nWhile a large-scale default may not happen through willful and supportive collective action, ending the secrecy of the crisis through massive national attention may destigmatize the shame of financial defeat and finally bring debtors out of the isolation that causes them so much despair.\r\n\r\nActivists are calling for a significant conversation about the commodification of educating our youth, shifting our focus toward investing into the promise of the young and able, rather than the guarantee of their perpetual debt bondage. In calling for collective action they soothe the hurt of so many alienated debtors, breaking the taboos that allow them to say, \u201cMe, too\u201d and admit openly that in this financial climate we all need each other to move forward.\r\n\r\n____________________\r\n\r\nDaniela Senderowicz<\/a>\u00a0is a Northwest activist and writer. This essay is reprinted from\u00a0Yes! Magazine<\/a>.\r\n\r\n\"Creative\r\n\r\nEnding the Secrecy of the Student Debt Crisis by Daniela Senderowicz is licensed under a\u00a0Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License<\/a>.\r\n\r\n