Posted by Ada Coddington

Posted by Ada Coddington

We cannot continue to fund the beast that is American “higher education.”

The debate over student-loan forgiveness tends to omit three crucial points. First, college graduates have been singled out as the one demographic effectively denied relief in bankruptcy. Second, schools have received most of the loan money but none of the debt. And third, young people, and especially young women, historically began families in their twenties when it’s healthiest to do so, something that college and protracted loan-repayment schedules discourage.

Few observers even note, much less contemplate, how the bankruptcy code has been repeatedly amended to effectively deny relief to one, and only one, constituency: college graduates, overwhelmingly composed of young Americans. Much of human history involves the tension between the few rich, the creditors, and the many not-so-rich, the workers and debtors. Indeed, the ancient world regularly celebrated jubilee years where debts were forgiven when a critical mass of borrowers could no longer service them.


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