Houston, TX (DailyHaze) – The problem of student loan debt in America has entered it’s darkest chapter. US Marshals are making arrests against those in the Houston area who have an outstanding student loan debt. Is this really a necessary tactic against those who owe a student debt, or is the federal government once again overstepping their boundaries?
Paul Aker was shocked when he saw seven US Marshals in combat gear arrive at his house in Houston. The US Marshals were at Aker’s house for a $1,500 student loan he acquired in 1987. Aker claims he was taken to a federal court, where he signed a payment plan for the debt.
Aker is not the first to be arrested for a student loan debt and it appears he will not be the last. The US Marshals plan on going after another 1,200 to 1,500 people who have student debts. Which raises the question, should these private debt collectors be able to use the federal government as their own personal goons to collect a debt?
Student loans are not like any other debt in the country. They are not able to be discharged through claiming bankruptcy. The interest involved in a student loan is much higher than other loans, normally due to the lack of collateral. Student loans are also the only form of debt that can be retrieved from seizing tax refunds, taking from disability checks, or garnishing wages without a court order.
According to the institute for college access & success, “Seven in 10 seniors (69%) who graduated from public and nonprofit colleges in 2014 had student loan debt, with an average of $28,950 per borrower.” The study goes on to claim that, “Over the last decade—from 2004 to 2014—the share of graduates with debt rose modestly (from 65% to 69%) while average debt at graduation rose at more than twice the rate of inflation.”
Student debt has fallen victim to a price inflation that is growing faster than the benefits that come from the actual schooling itself. Debt.org claims that the student debt was at $1.2 trillion dollars at the end of 2014. It was estimated that every second $3,000 in student debt is acquired, with an average debt of $33,000 per graduating student in 2014.
This report prepared by Meko Haze for Daily Haze.