Saturday, November 12, 2011

The Evolution Of Student Loans

Plaguing not just students but so many adjuncts as well... yet another way in which our fortunes (or lack thereof) and destinies intertwine. Many adjuncts were GTAs once upon a time, those more recently than others all the more likely to be sharing the same burden of student indebtedness. It's time to join them. How are you supporting the November 17th Day of Action? The date is also International Students Day, established in1941 to commemorate the anniversary of the 1939 Nazi storming of the University of Prague after demonstrations and the execution of nine student leaders, over 1,200 students sent to concentration camps, and the closure of all Czech universities and colleges.

Bob Lawless gave a quick history on student loan law. Mike Konzcal graphed it, arguing thatPlaug we should undo the rules from the 1990s and 2000s because it's "hard to see these [changes] as anything other than a giant subsidy to private agents." Pareene concurs:

Every single law Congress has passed regarding student loans since the federal program was introduced in 1965 has benefited lenders and made repayment or bankruptcy harder for borrowers. In addition to being unfair, this seems perhaps like bad policy, unless we really think it’s best for college graduates to spend their first decade (or decades) in the workforce sending substantial portions of their income to private lenders.

Konzcal's graphic after the jump....


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