According to the U.S. Department of Education, 7 million borrowers are currently in default of their federal student loans equaling over 98.1 billion in debt. High education cost coupled with the economic downturn and poor job market have hamstrung young professionals from being the core drivers of the U.S. economy they should be. High monthly loan payment obligations prohibit young professionals from purchasing homes, vehicles, launching small businesses and investing in free market activities that spur GDP until much later in life.
Because of this the National Urban League Young Professionals (NULYP) are taking a stand to promote economic empowerment by advocating for a federal elimination of student loans and student loan bailouts on loans in default.
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