<p>"Student-loan borrowers are suffering through substandard customer service, half-baked solutions that are crammed down their throats and one-sided contracts that limit their recourse. Their plight is real, the problem is growing and the need for action is urgent." …</p>
<p>the blog references a “Closer look at the number”. They mention the $1.2T in debt which sounds like a scary number but they don’t put it in context.</p>
<p>From USNews (and also referenced in the second article):</p>
<p>'Average student loan debt climbed to $29,400 for borrowers in the class of 2012, up from $23,450 for 2008 graduates and $18,750 for 2004 graduates, annual reports from The Institute for College Access & Success show. Seventy-one percent of 2012 graduates took out loans."</p>
<p>29% have no loans, and the rest have on average 30k in debt in exchange for a college degree and four years of living expenses while they earned the degree. (of course, parents, savings and earnings defrayed that cost but the net effect is 30k on average).</p>
<p>This blog has an interesting viewpoint on their fair and balanced reporting:</p>
<p>
</p>
<p>How exactly are they crammed down anyone’s throat? People can say no. We aren’t taking about “sign this or your puppy will not get the emergency treatment to save its life”.</p>
<p>Besides, a contract signed under duress (crammed down a throat) is usually not enforceable.</p>
<p>
</p>
<p>For this they link to an article which acknowledges that other loans, consumer contracts, consumer debt have the mandatory arbitration as a common clause in the contract. Check your cell bill, it is there also I bet.</p>