We are a pivotal generation in our nation’s history. For the first time ever, the newest generation of Americans, our generation, is worse off than the previous. As rent prices continue to rise and incomes continue to stagnate, today’s college graduates face an uncertainty unfelt by recent generations of the past. And that uncertainty isn’t going away anytime soon.

For those of us who do not come from well-heeled families, we have had forced upon us a serious financial burden that will shape our lifestyles and priorities for decades after we graduate: student loan debt. Our generation is forced to enter a system akin to indentured servitude, wherein we are forced to enter the real world with debt and cannot break free from it without facing serious consequences. Of course, it is still in our best interest to attend college - the unemployment rate of college grads is extremely low, and the average income of college grads is significantly higher than that of people who do not attend college. It will pay off EVENTUALLY, however until it does, the banks shall squeeze out as much from us as they can before they set us free.

The effects of crushing student loan debt are numerous and all equally deplorable. Students are forced to seek work immediately after they graduate. They have no time to gain experience through volunteering, internships, or to take a year off to travel and explore before they begin a long life in the workforce. There is great pressure on graduates to find a job with a high enough salary to not only to make the monthly payments on their loans, but also to pay increasing rent prices. These structures leave millions of young people, who are filled with energy and creativity and excitement to enter into the real world, forced to live paycheck to paycheck despite being college educated.

Student loan debt is also a significant drain on the American economy. Total student loan debt adds up to about $1 trillion. Instead of that $1 trillion being put back into the economy through investment and consumer spending, it is being collected by the banks, who are turning a huge profit. It’s quite clear that America’s system of higher education is a major contributor to growing economic inequality in our nation.

America’s system of higher education is an insult to democracy and a complete aberration of this country’s founding principles. Education is vital for stability and prosperity in any civil society. It should be a top priority for politicians to fix this egregious problem. However, American politicians tend to represent the interests of the financial elites as opposed to the American people, so the apathy towards student loan debt shown by Washington comes as no surprise.

And as rent prices continue to climb, those urban neighborhoods that appeal more and more to young adults who grew up in the monotony and soullessness of suburbs become out of reach for fresh college grads making small salaries in entry-level positions. And for those of us who do choose to live in these areas, we will be pinching pennies for years, unable to save money and build assets.

There are also demographic implications of generational student loan debt. It’s common knowledge that having a baby is quite expensive, and even families with no debt and decent salaries must carefully manage their money in order to stay afloat. For most millennials, the idea of having a child after college is completely out of the question, for the simple reason that it would be a terrible decision financially. This will amplify the demographic trend that is already happening: lower birth rates and an aging population. As less people enter the workforce while more people retire, the economy will likely contract and become dangerously imbalanced, especially if medical technology advances and lifespans get longer.

This is just the beginning. This new generation is going to redefine America which, in the next 50 years, is going to experience dramatic economic and social changes to the likes of which we’ve never seen. Hopefully, we will make it through in one piece.