In coming columns I will address ways to help bring down the cost of tuition (like borrowing limits on "per-credit" fees) and appropriate changes to the bankruptcy law that would create a less draconian approach to life with student debt.
Education is the life-blood of a civilization, and excessive debt is like cancer. We must rethink our approach not only to the student loan problem, but also to 21st-century education in America. The NSC and a new approach to the legislation of lending to students will help to solve the problem. Will Durant said, "Education is a progressive discovery of our own ignorance." Today, we are charged with dispelling our societal ignorance, the ant and grasshopper situation of lending must end, and the hard work of creating a vibrant workforce from a level playing field must begin in earnest.
Adam Levin is chairman and cofounder of Credit.com and Identity Theft 911. His experience as former director of the New Jersey Division of Consumer Affairs gives him unique insight into consumer privacy, legislation and financial advocacy. He is a nationally recognized expert on identity theft and credit.