the student debt revolt begins
I have often been a critic of the higher education system. My critique, roughly, is that the costs of college are often disconnected from the market value of the degree. Students are often left with substantial debt that may take a decade or more to pay off. Some, without proper counseling, take on the debt normally associated with buying a home. It is no longer the case that college finances are a matter of saving up some money for a few years or working it off over a few summers. Now, students can carry debt into their forties, or later, if they aren’t careful. This debt can displace other, possibly more important, forms of wealth building such as purchasing a home, financing a business, or simply saving the money.
Today, there is an effort to organize college loan debtors in an attempt to roll back this trend. The Debt Collective, an activist group, announced today that a group of fifteen volunteers will go on a debt strike. These former students all have debt acquired from their time in various for-profit colleges. I applaud this movement. But I think it needs to go farther. Why stop at for-profit colleges? It is the case that some for-profits have acted dishonestly in promising much higher wages and encouraging students to maximize loans. But many students from more traditional colleges leave with very debt loads as well and often with degrees that don’t correspond to better jobs. An excellent start and I hope to see more.