https://medium.com/@hrnews1/43-6-million-americans-hold-over-1-7-trillion-in-federal-student-loan-debt-e18cc64fc52c
One might reasonably ask what kind of civilization permits — nay, encourages — the systematic indenturing of its young people in exchange for what amounts to a glorified certificate of attendance. But then again, one might also reasonably ask what kind of civilization elects reality television stars to high office, so perhaps we shouldn’t set our expectations too bloody high.
The numbers alone should make any decent person reach for the nearest bottle of something strong. Forty-three point six million Americans — nearly one in seven citizens of this great republic — are currently shackled to federal student loan debt totaling $1.7 trillion. To put this obscenity in perspective, this represents more debt than the entire GDP of most nations, surpassed only by mortgage debt in the grand hierarchy of American financial bondage.
One point seven trillion dollars.
Say it slowly. Let it roll around your mouth like a particularly bitter wine. This is what we’ve decided education should cost in the land of the free and the home of the brave. This is the price we’ve assigned to the theoretical pursuit of knowledge, critical thinking, and intellectual development — you know, all those quaint notions that used to distinguish a civilized society from a particularly well-organized pack of wolves.
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But here’s where the con becomes truly diabolical: unlike every other form of debt known to humankind, student loans cannot be discharged in bankruptcy. Think about that for a moment. You can declare bankruptcy on your gambling debts, your credit card splurges, your ill-conceived business ventures, even your bloody yacht payments — but not on your education. The very thing that’s supposed to liberate your mind has become the permanent chain around your economic ankle.
This isn’t an accident. This is design.
The beauty of the American higher education racket — and one must admire its sheer, brazen efficiency — lies in its ability to transform what should be a public good into a private profit center while maintaining the fiction that it’s all being done for the students’ own benefit. “Invest in yourself!” they cry. “Education is the path to prosperity!” Meanwhile, they’re selling young people a product that increases in price faster than healthcare, housing, or any other necessity, creating a captive market of debt slaves who have been convinced they’re actually customers.
Consider the exquisite perversity of it all. We’ve created a system where eighteen-year-olds — barely old enough to vote, drink, or sign a lease — are encouraged to sign documents committing them to decades of debt payments for degrees that may or may not lead to employment that may or may not pay enough to service said debt. It’s rather like selling someone a map to buried treasure while simultaneously moving the treasure and keeping the shovel rental fees perpetually climbing.
The universities, meanwhile, have discovered the perfect business model: customers who cannot default, products that cost virtually nothing to reproduce, and a cultural mythology that treats their service as essential to human dignity. They’ve managed to convince an entire society that without their particular brand of credentialism, one is doomed to a life of economic and social irrelevance.
Brilliant, really.
And what do these debt-shackled graduates receive for their investment? In many cases, the privilege of competing for unpaid internships, part-time positions without benefits, or jobs that require “3–5 years experience” for “entry-level” positions. The lucky ones might land work that pays enough to service their loans while still living with roommates well into their thirties. The unlucky ones discover that their expensive education in medieval poetry or communications studies has prepared them for exactly nothing the market actually values.
But let’s not blame the students, shall we? They’re simply responding rationally to a system that has made higher education the mandatory gateway to middle-class respectability while simultaneously pricing it beyond the reach of anyone not born into wealth. They’ve been told, repeatedly and from childhood, that college is not optional — it’s the minimum entry fee for the American Dream.
The real criminals in this enterprise are the administrators who’ve transformed universities into luxury resorts with climbing walls and gourmet dining halls, funded by students who will spend the next twenty years paying for amenities they used for four. They’re the politicians who’ve systematically defunded public education while ensuring that student loans remain as easy to obtain as a McDonald’s hamburger and twice as difficult to digest.
They’re the economists and policy makers who looked at this growing mountain of debt and concluded that the problem wasn’t the system itself, but rather that students simply needed more access to credit.
The most grotesque aspect of this entire charade is how it’s been wrapped in the rhetoric of opportunity and social mobility. We’re told that student debt is actually a sign of progress — evidence that more Americans than ever have access to higher education. This is rather like celebrating a rise in emergency room visits as proof of expanding healthcare access.
What we’ve actually created is a system of educational feudalism.
The wealthy attend university debt-free, their parents having either saved sufficient funds or simply written checks for tuition that would bankrupt ordinary families. They graduate with degrees from prestigious institutions, connections to power, and the financial freedom to take unpaid internships, pursue graduate degrees, or start businesses without the crushing weight of monthly loan payments.
The poor and middle class, meanwhile, mortgage their futures for the mere hope of joining the conversation. They graduate with the same degrees but begin their careers already behind, their potential earnings immediately spoken for by loan servicers who have become the most reliable creditors in human history.
This is not a bug in the American system. This is a feature.
And so we arrive at our current moment: millions of Americans discovering that the education they were told would liberate them has instead created a new form of bondage, more sophisticated and persistent than anything devised by previous generations of exploitation. They cannot escape it through bankruptcy, cannot negotiate it away, cannot simply walk away from it as they might a bad mortgage or business investment.
They can only pay, month after month, year after year, decade after decade, while watching their delayed life milestones — home ownership, marriage, children, retirement savings — recede further into an ever-more-distant future.
The American Dream, it turns out, now comes with a payment plan.
And the interest is compounding.
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