Friday, November 10, 2017
The Student Debt Ball and Chain
"Take away, take away, take away this ball and chain. I'm lonely and I'm tired, and I can't take any more pain." -Social Distortion
Mike Ness of Social Distortion wasn't singing about student loan debt in about 1989, when this song came out. But millions of college students and struggling graduates can relate to the lyrics above. The promise of a college degree to insure you make a great living throughout your life has become just the opposite for millions of people.
I just read "The Great College Loan Swindle" in the print edition of Rolling Stone magazine (November 16, 2017). If you're in college you NEED to read this. If you have kids in college, you NEED to read this. It's not a super long article, and it pulls together the big picture of the debt trap student loans have become. Student debt is one of the biggest drags on our economy these days, and one of the main factors keeping millions from leading better lives.
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