I’m much less concerned about the federal government accumulating debt as a result of the growth in student loans, as I am American households, especially those at or below median family wealth. The growth in student loan debt is crippling the financial future for many younger Americans, and it is impacting their ability to purchase first homes, start families, and save for retirement.

In this age of do-it-yourself retirements (DC plans) not having the financial means to fund one’s retirement at an early age will make it nearly impossible for these participants to ever create a pool of wealth to provide for a decent, let alone, dignified retirement.