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This illuminating investigation uncovers the full dimensions of the
student loan disaster. A father and son team--one a best-selling
sociologist, the other a former banker and current quantitative
researcher--probe how we've reached the point at which student loan
debt--now exceeding $1 trillion and predicted to reach $2 trillion
by 2020--threatens to become the sequel to the mortgage meltdown.
In spite of their good intentions, Americans have allowed concerns
about deadbeat students, crushing debt, exploitative for-profit
colleges, and changing attitudes about the purpose of college
education to blind them to a growing crisis. With college costs
climbing faster than the cost of living, how can access to higher
education remain a central part of the American dream? With more
than half of college students carrying an average debt of $27,000
at graduation, what are the prospects for young adults in the
current economy? Examining how we've arrived at and how we might
extricate ourselves from this grave social problem, The Student
Loan Mess is a must-read for everyone concerned about the future of
American education. Hard facts about the student loan crisis: -
Student loan debt is rising by more than $100 billion every year
and is likely to reach $2 trillion by 2020. - Among recent college
students who are supposed to be repaying their loans, more than a
third are delinquent. - Because student loans cannot be discharged
through bankruptcy, the federal government misleadingly treats
student loan debt as a government asset. - Higher default rates,
spiraling college costs, and proposals for more generous terms for
student borrowers make it increasingly likely that student loan
policies will eventually cost taxpayers hundreds of billions of
dollars.
This illuminating investigation uncovers the full dimensions of the
student loan disaster. A father and son team - one a best-selling
sociologist, the other a former banker and current quantitative
researcher - probes how we've reached the point at which student
loan debt - now exceeding $1 trillion and predicted to reach $2
trillion by 2020 - threatens to become the sequel to the mortgage
meltdown. In spite of their good intentions, Americans have allowed
concerns about deadbeat students, crushing debt, exploitative
for-profit colleges, and changing attitudes about the purpose of
college education to blind them to a growing crisis. With college
costs climbing faster than the cost of living, how can access to
higher education remain a central part of the American dream? With
more than half of college students carrying an average debt of
$27,000 at graduation, what are the prospects for young adults in
the current economy? Examining how we've arrived at and how we
might extricate ourselves from this grave social problem, The
Student Loan Mess is a must-read for everyone concerned about the
future of American education. Hard facts about the student loan
crisis: student loan debt is rising by more than $100 billion every
year; among recent college students who are supposed to be repaying
their loans, more than a third are delinquent; because student
loans cannot be discharged through bankruptcy, the federal
government misleadingly treats student loan debt as a government
asset; and, higher default rates, spiraling college costs, and
proposals for more generous terms for student borrowers make it
increasingly likely that student loan policies will eventually cost
taxpayers hundreds of billions of dollars.
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