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Indentured Students - How Government-Guaranteed Loans Left Generations Drowning in College Debt (Hardcover)
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Indentured Students - How Government-Guaranteed Loans Left Generations Drowning in College Debt (Hardcover)
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The untold history of how America's student-loan program turned the
pursuit of higher education into a pathway to poverty. It didn't
always take thirty years to pay off the cost of a bachelor's
degree. Elizabeth Tandy Shermer untangles the history that brought
us here and discovers that the story of skyrocketing college debt
is not merely one of good intentions gone wrong. In fact, the
federal student loan program was never supposed to make college
affordable. The earliest federal proposals for college
affordability sought to replace tuition with taxpayer funding of
institutions. But Southern whites feared that lower costs would
undermine segregation, Catholic colleges objected to state support
of secular institutions, professors worried that federal dollars
would come with regulations hindering academic freedom, and
elite-university presidents recoiled at the idea of mass higher
education. Cold War congressional fights eventually made access
more important than affordability. Rather than freeing colleges
from their dependence on tuition, the government created a loan
instrument that made college accessible in the short term but even
costlier in the long term by charging an interest penalty only to
needy students. In the mid-1960s, as bankers wavered over the
prospect of uncollected debt, Congress backstopped the loans,
provoking runaway inflation in college tuition and resulting in
immense lender profits. Today 45 million Americans owe more than
$1.5 trillion in college debt, with the burdens falling
disproportionately on borrowers of color, particularly women.
Reformers, meanwhile, have been frustrated by colleges and lenders
too rich and powerful to contain. Indentured Students makes clear
that these are not unforeseen consequences. The federal student
loan system is working as designed.
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