Oct 19 2009
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Post Occupation Call to Revolt « Students have occupied a second building at UC Santa Cruz to protest the untenable situation of educational privatization that characterizes our contemporary political moment.
We have recently learned that the University of California does not use tuition money or student fees to fund research and education. On the contrary, they place one hundred percent of this money into an account with the Bank of New York Mellon Trust in order to protect their borrowing power in credit markets. They hold our tuition as collateral in order to finance the largest and most speculative construction projects in the state of California. UC pledged collateral rose by 60% with the last issue of bonds to $6.72B from $4.2B. The number of students taking out debt has risen 20% since 2000: 80-100% for students of color. Average debt levels for graduating seniors rose to $23,200 in 2008 alone, a 24% percent increase over 2004.
