On April 25 the total amount of student loan debt in the U.S. topped one trillion dollars. This staggering economic milestone marks a momentous victory for the top 1 percent over two generations of students and families. In 2007, Congress passed the College Cost Reduction and Access Act, which temporarily cut in half interest rates on subsidized student loans. This Act provided temporary relief for American college students, but it is set to expire on July 1, forcing more than seven million American students and parents to pay an average of $1,000 every year in additional interest on federal loans. |