It’s June and it looks like graduation season is in full swing. Meanwhile, student loan debt is on the rise and currently exceeds $1.16 trillion, surpassing credit card debt in the United States by $305 billion. There seems to be a ripple effect that this huge debt has on college graduates. Tuition continues to rise and jobs are scarce. It’s holding back our economy and here’s why.

The economic markets that have been affected so far are the mortgage market, small businesses, retirement security and consumer spending. When graduates’ entire paychecks evaporate due to debt repayment, they can’t buy a home, start a business, or save for retirement. We need to rethink how we pay for college and how much we are willing to pay for an education in the United States. Meanwhile, the debt burden of our future leaders is forcing them to live in abject poverty during payoff.

Living in poverty can be a long-term condition as these graduates pay off student loan debt that is more like a mortgage in the full amount owed. While a present undue hardship is a step toward discharge of these loans in bankruptcy, it alone is not enough for bankruptcy to help. Bankruptcy courts across the country differ in their approach to determining student loan dischargeability, but most will use a totality of circumstances approach. Until Congress takes action to change current bankruptcy rules, the economy will continue to be saddled with a growing pile of debt.

It’s a proverbial ‘ball and chain’ for Millennials. They are stuck at home with their parents, working part-time at minimum wage jobs; maybe several just to pay off your loans. With no room for discretionary spending, which is a true sign of economic recovery, the drag continues. We see a launch failure that has social implications for Millennials. Even students who have thoroughly prepared for the repayment period are having a difficult time. For a full report on the student loan crisis, click here. Graduates should not be saddled with the financial burdens of greedy for-profit universities and our federal government’s ability to collect on this debt indefinitely.

It seems that criminals have more rights than our college graduates. There is little incentive to make changes in Congress because the government is making money at the expense of our children and the future of our country through predetermined collection costs, administrator fees, and the ability to garnish wages and intercept tax refunds. income taxes without a court order. This student loan lawyer thinks it’s time for a revolution.