Broken Bank

CNN Films Debuts “Ivory Tower,” An Expose on the Student Loan Debt Crisis

A pillar of the news industry, CNN can claim many firsts in its history, including first to report the September 11 attacks. Now CNN is the first to air an expose on student loan debt – not a moment too soon, as total student loan debt has surpassed $1 trillion.

In this investigative documentary, industry experts, parents and students question the status quo of financing a higher education. (Watch the trailer here.) Ivory Tower aired last night on CNN. You can also choose to bring it to your college campus.

[Tweet “Ivory Tower “blows the lid off the high cost of college education.” -Ryan Lattanzio”]

Why is “Ivory Tower” Important?

Student loan debt affects us all. The U.S. Department of Education states the federal government never fully recovers losses when a borrower defaults, meaning “taxpayers make up the difference for the 1 in 10 students who stop paying their loans within 3 years of graduation.”

The CampusLogic team believes it’s imperative to discuss the concerns with higher ed funding, and we’re thrilled CNN Film “Ivory Tower” has joined the conversation. The issue of student loan debt has many solutions, none of which involves staying silent about the problems.

What Can We Do?

One proven solution is AwardLetter. Western Governors University used AwardLetter to reduce student borrowing by 39%. Students who borrow less during school have lower payments after graduation and are less likely to default.

We should be setting our college students up for success. The burden of reducing student debt doesn’t fall solely on schools, but it’s a great place to start making improvements. We quoted Matt Kantrowitz, when he said students “can’t understand how much college is going to cost, in the end,” due to the complexity of language and paperwork surrounding financial aid. AwardLetter helps schools cut through the clutter to provide students with clarity and understanding. This enables students to make responsible borrowing decisions.

There is more – so much more – room for improvement, which filmmaker Andrew Rossi brings to light in Ivory Tower.