This week, as Zero Hedge reports, the student loan bubble is bursting. According to the Fed:
Outstanding student loan debt now stands at $956 billion, an increase of $42 billion since last quarter. However, of the $42 billion, $23 billion is new debt while the remaining $19 billion is attributed to previously defaulted student loans that have been updated on credit reports this quarter. As a result, the percent of student loan balances 90+ days delinquent increased to 11 percent this quarter.
Let’s face it, one of the major impediments to radical political change is that those committed to it lack the resources or access to mobilize them. Here we see a rare opportunity, where some of those who are struggling have considerable leverage. You don’t need to band together by the thousands and take to the streets (though that would be helpful). You merely need to not pull out your checkbook for the next year and let your student loans go into default. Refuse to repay your loans, because in an opulent society like ours, free education should be standard. Force the banking institutions into a crisis, and demand a jubilee through loan forgiveness programs.
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