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Why fears about a looming student loan crisis are unfounded-and how
they obscure what's really wrong with student lending College
tuition and student debt levels have been rising at an alarming
pace for at least two decades. These trends, coupled with an
economy weakened by a major recession, have raised serious
questions about whether we are headed for a major crisis, with
borrowers defaulting on their loans in unprecedented numbers and
taxpayers being forced to foot the bill. Game of Loans draws on new
evidence to explain why such fears are misplaced-and how the
popular myth of a looming crisis has obscured the real problems
facing student lending in America. Bringing needed clarity to an
issue that concerns all of us, Beth Akers and Matthew Chingos cut
through the sensationalism and misleading rhetoric to make the
compelling case that college remains a good investment for most
students. They show how, in fact, typical borrowers face affordable
debt burdens, and argue that the truly serious cases of financial
hardship portrayed in the media are less common than the popular
narrative would have us believe. But there are more troubling
problems with student loans that don't receive the same attention.
They include high rates of avoidable defaults by students who take
on loans but don't finish college-the riskiest segment of
borrowers-and a dysfunctional market where competition among
colleges drives tuition costs up instead of down. Persuasive and
compelling, Game of Loans moves beyond the emotionally charged and
politicized talk surrounding student debt, and offers a set of
sensible policy proposals that can solve the real problems in
student lending.
College tuition and student debt levels have been rising at an
alarming pace for at least two decades. These trends, coupled with
an economy weakened by a major recession, have raised serious
questions about whether we are headed for a major crisis, with
borrowers defaulting on their loans in unprecedented numbers and
taxpayers being forced to foot the bill. Game of Loans draws on new
evidence to explain why such fears are misplaced--and how the
popular myth of a looming crisis has obscured the real problems
facing student lending in America. Bringing needed clarity to an
issue that concerns all of us, Beth Akers and Matthew Chingos cut
through the sensationalism and misleading rhetoric to make the
compelling case that college remains a good investment for most
students. They show how, in fact, typical borrowers face affordable
debt burdens, and argue that the truly serious cases of financial
hardship portrayed in the media are less common than the popular
narrative would have us believe. But there are more troubling
problems with student loans that don't receive the same attention.
They include high rates of avoidable defaults by students who take
on loans but don't finish college--the riskiest segment of
borrowers--and a dysfunctional market where competition among
colleges drives tuition costs up instead of down. Persuasive and
compelling, Game of Loans moves beyond the emotionally charged and
politicized talk surrounding student debt, and offers a set of
sensible policy proposals that can solve the real problems in
student lending.
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