justice

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The economy these days looks frightening for just about everyone. Who would want to be a retiree with little to no earning potential, or a young family grappling with mortgage and child care payments while facing the possibility, or reality, of job loss? But imagine trying to enter the labor force right now, making career choices that could affect your entire earning future. How are college graduates supposed to juggle student loan payments with the realities of an imploding job market and family members too caught up in their own financial turmoil to help out? With all the attention focused on failing banks and government bailouts, the very legitimate panic felt by such graduates risks getting lost in the shuffle.

“Most of the recent graduates I hear from are petrified,” says Alan Collinge, founder of Student Loan Justice, an organization that fights for student loan reform, and author of an upcoming book about the student loan industry. “They have yet to find real jobs in their field, so they’re out there slinging hash to make ends meet. And then their loan payments come due.”

Graduates like Golden are right to feel petrified. According to a recent College Board report, about 60 percent of 2007 college graduates had student debt, each taking out an average of $22,700 in loans. Graduates are expected to begin repaying within six months, healthy job market or no. Loans can be deferred, but never erased (unless you die or are permanently disabled). And when those payments do come due, many will face the prospect of paying back not only fixed-rate federal loans but also high-interest private loans. The private loan industry is now responsible for 24 percent of student lending. Before the economic crisis hit, it was the fastest-growing sector of the student loan industry. And though the $700 billion bailout bill includes provisions to enable the U.S. Treasury to buy troubled assets, including private loans, from student loan providers, it provides no relief for the students who have taken out such high-interest loans.

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We are inheritors of this momentous victory, but it was not ours. The laurels properly belong to the Rev. Martin Luther King Jr. and all of the other martyrs who died for civil rights. And to millions more before them who struggled across centuries and fell short of winning their freedom. And to those rare politicians like Lyndon B. Johnson, who stood up bravely in a decisive time, knowing how much it would cost his political party for years to come. We owe all of them for this moment.

Whatever happens next, Barack Obama has already changed this nation profoundly. Like King before him, the man is a great and brave teacher. Obama developed out of his life experiences a different understanding of the country, and he had the courage to run for president by offering this vision.

For many Americans, it seemed too much to believe, yet he turned out to be right about us. Against all odds, he persuaded a majority of Americans to believe in their own better natures and, by electing him, the people helped make it true. There is mysterious music in democracy when people decide to believe in themselves.