Yes, student loans really are making millennials go broke

This is the best tl;dr I could make, original reduced by 67%. (I'm a bot)

Now, 44 million Americans are shouldering $1.5 trillion in outstanding student loans, with young people under the age of 35 holding almost half of that debt.

Earlier this year, through an analysis that looked at the percentage of people's paychecks that goes towards repaying student debt, we learned that millennials as a whole, and particularly millennials of color, have the largest portion of their paychecks being siphoned away to pay down student loan debt.

In areas with high populations of low-income borrowers and young people, such as New York City and Washington, D.C., student loan borrowers have debt burdens of 10 percent or higher.

Millennials are the most educated cohort in American history, but an uneven economic recovery that forced many of us to take on large sums of student debt, along with an unregulated student loan industry, created a troubling economic situation where millennials like Daniela are earning wages that are lower than what people her age earned in 1984.

Coupled with rising health care, childcare, and housings costs, the economic priority for young people like Daniela is to achieve and maintain financial stability instead of getting ahead. Student debt is keeping young people from buying homes, saving for retirement, and fully participating in the economy.

The new House majority can start by demanding DeVos' Department of Education issue Public Service Loan Forgiveness for all eligible borrowers, and by adopting policies like student loan refinancing and a Student Loan Bill of Rights to rein in companies who have turned the student loan market into a profit machine.

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