Despite the uneasy relationship between the profitable student loan industry and growing student debt defaults, students continue to borrow to pay for college, and educational loans are the only form of consumer debt to increase markedly since 2008. The industry has grown steadily over the past several decades in lockstep with rapidly rising tuition and fees—and with the government’s prioritization of loan-based funding over grants. To understand the growth of this risky business, we need to first grasp the basic alliance between government and finance in the profitable world of student debt.
via The Student Loan Crisis and the Debtfare State.
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