Indentured Servitude
March 26, 2006
Saddling graduates with college loan debt seems wrong.
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in the dirt since history began
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"We have no words to waste on you. When you reach out your vaunted strong hands for our palaces and purpled ease, we will show you what strength is. In roar of shell and shrapnel and in whine of machine-guns will our answer be couched. We will grind you revolutionists down under our heel, and we shall walk upon your faces. The world is ours, we are its lords, and ours it shall remain. As for the host of labor, it has been in the dirt since history began, and I read history aright. And in the dirt it shall remain so long as I and mine and those that come after us have the power. There is the word. It is the king of words—Power. Not God, not Mammon, but Power. Pour it over your tongue till it tingles with it. Power."
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Stump Lane 
A new-ish book by Tamara Draut called Strapped: Why America’s 20- and 30-Somethings Can’t Get Ahead is causing some buzz along these lines. I can’t recommend buying the (poorly written, non-rigorously argued) book, but it does indicate that there’s some public awareness of the level of debt/social liability that the younger generation is taking on at present.
I’ve heard of that book, but have been avoiding it on suspicion of what you mention. It’ll be interesting to see whether the public awareness leads to meaningful reform, or just to a perception that youngsters are lazy whiners who want something for nothing.
If my kids choose to go to college, my goal is to keep this burden from falling on them. Or at least to minimize it so it isn’t so crushing.