The increase in rates on federal student loans will not only impact students -- members of the Catholic Church fear this will also affect faith. Graduates with large amounts of debt will now be less likely to pursue priesthood and will contribute to a significant shortage of priests in the U.S.
I offer this screenshot as a small window into what student debt looks and feels like from the graduate's perspective. Just look at the "Amount Applied to Interest Column." Half a decade worth of payments later, I still owe over $1,000 more than the original amount I borrowed.
Santorum needn't worry. America is already making it harder for young people of modest means to attend college. Public higher education is being starved, and the middle class will shrink even more as a result.
There is every indication that the bursting of the student debt bubble, like the housing bubble before it, is imminent. And when it happens, it will send shockwaves throughout the financial markets. People of color will be especially vulnerable.