“Graduate students seem determined to willingly delude themselves about the neoliberal financial foundation of graduate education; I’ve found that they are the most deeply invested in the myths of the academic cult. Then they finish their programs and hit the job market. The job market reveals the total insupportability of the entire system.”
In which some idiot claims that Student Loans are too big to fail.:
Thanks for explaining that the student loan system is Too Big To Fail. That argument has never failed, right? Also, can’t let the *enormous* assumption here pass that bankruptcy is the only way out of loans, because no one has ever run out on a loan before.
Just because it is harder to run out on a student loan than a house loan doesn’t make it impossible. This is the same type of BS that was said about the housing market: ‘oh well, no one will run out on their housing loans because people don’t do that, it would be irresponsible.’
The federal government has made it easier than ever to borrow money for higher education – saddling a generation with crushing debts and inflating a bubble that could bring down the economy
The bi-partisan congressional solution: delay a year, after which student loans go up to 7.25 to 8.8%.
The president’s solution: Make a press-worthy attack on banks while ignoring skyrocketing base costs.
The results: an exponentially growing economic bubble whose burst will make the real estate bubble look like a polite hiccup.
“The roughly two-thirds of U.S. students who take out loans to finance their college education can end up in a situation most resembling the historical concept of indenture.”
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