Growing loan debt threatens students’ future

“Combined, student debt in the U.S is the size of Canada’s economy” wrote Josh Mitchell in his book “The Debt Trap: How Student Loans Became a National Catastrophe.

Dallas College hosted a virtual town hall on Feb. 22 to discuss the student debt crisis with Mitchell, author and economic reporter from The Wall Street Journal.

The meeting began with a welcome from Dallas College Chancellor-elect Justin Lonon. “Today is an opportunity to have an open dialogue and share with you some affordable options to quality education that we provide here at Dallas College,” Lonon said.

Lonon passed the floor to Joe May, current chancellor of Dallas College. May felt like the student debt crisis would be topic important to discuss.

After May spoke, he passed the floor to Mitchell to talk more about his book and the inspiration behind it. Mitchell said he was determined to talk to as many people as he could when he began to write this book. “I talked to the 90-year-old congressional clerk who wrote the first student loan program in 1957, I talked to every CEO of Sallie Mae, I talked to hundreds of students and I talked to school presidents,” Mitchell said. “I spent three years writing the book, but I spent a decade covering this and it’s the culmination of that and I just wanted to put out into the world what I learned.”
May said Mitchell’s book inspired him to host the town hall. “After reading Josh’s book it was even more important that we find a way to get people in college debt free,” May said. “I was really concerned for the individuals who graduated high school but who were raised in families who really believed that college was unattainable.”

Mitchell described the student debt crisis as a catastrophe when asked about how he ranks it in the economic issues of American families. Mitchell also said he gets asked many times when the crisis will actually begin, but in his words, “The crisis is already here.”

Another guest speaker at the town hall was Katrina James, managing director of the Dallas County Promise. “We are a part of the commit partnership, which is an organization in Dallas, who is committed to everyone being able to access a live able wage regardless of race, place, or socioeconomic status,” James said. “Our coalition is about helping people access post-secondary options that leads to those careers.”

“The Dallas County Promise is a program that works to reduce financial and other kinds of barriers to support students in their path to a rewarding career,” Lonon said.

May also had many great things to say about the Dallas County Promise and their goals.

“The Dallas County promise is about creating a pathway for individuals to get a high-quality education and leave debt free,” Lonon said. “That means also other support because there is more to go into college than tuition fees and books.”

“I thank all of you so much and really appreciate your time today on this important topic,” May said.