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This book traces how the student loan system has created insurmountable student debt traps for millions of student borrowers contrary to its original purpose of promoting social mobility. Today, approximately 45 million Americans hold over $1.7 trillion in student loan debt, with over 20% of borrowers in default. Student loan debt has the greatest negative impact of wealth-poor students, with Black and first-generation students less likely to attain a college degree, more likely to default on student loan debt, and less likely to gain the same type of wage premium from their college degrees than white student loan borrowers. The book also offers a wide range of policy solutions for remedying the student loan debt crisis.
List of contents
Introduction.- Chapter 1: The Bait -The History of American Colleges and the Creation of Student Loans.- Chapter 2: The Switch - Higher Education as a Public Goods Decays (1965-1992).- Chapter 3: The Income and Wealth Effects of Student Loan Debt.- Chapter 4: Recent Changes to Student Loan Policy and Future Recommendations.- Conclusion.
About the author
Robert Haywood Scott, III is the Greenbaum/Ferguson/NJAR endowed chair in real estate policy and Professor in the Department of Economics, Finance & Real Estate at Monmouth University. His two previous books
Kenneth Boulding: A Voice Crying in the Wilderness (2015) and
Pesos or Plastic? Financial Inclusion, Taxation, and Development in South America with Kenneth Mitchell (2019) were both published with Palgrave.
Joseph N. Patten is Professor of Political Science at Monmouth University, where he teaches courses in American politics and public policy. He earned his Ph.D. in Political Science from West Virginia University. The fourth edition of his co-authored textbook titled
Why Politics Matters: An Introduction to Political Science is scheduled to be published in April of 2024.
Kenneth Mitchell is Professor of PoliticalScience at Monmouth University. He earned his PhD in Politics from Oxford University. His publications include P
esos or Plastic? (2019),
State-Society Relations in Mexico (2001) and peer-reviewed articles appearing in the
Journal of Post Keynesian Economics, Monthly Review, Challenge, Bulletin of Latin American Research, The Latin Americanist and the
Journal of Oxford Development Studies.
