Full Description
Offering answers to essential questions about student debt and many connected issues, this book examines student debt in the United States at every stage of the process—from the banks that issue the loans to the colleges and universities that collect the payments.
Student lending in the United States is one of the most controversial issues in contemporary American discourse. Are these loans the only option for Americans who want to attend college and university in order to attain the best careers and have a productive, enjoyable life? Should the predatory lending practices of for-profit colleges and universities be stopped? How can limits be imposed on student lending amounts without preventing students from getting the education they need to succeed?
The book explains why so many students are borrowing large amounts of money to attend college; considers whether the cost of higher education is simply too high, and if there should be a cap on how much money students can borrow; explains what is contributing to the rising rate of borrowers defaulting on their loans; and predicts whether the so-called student loan bubble is in danger of popping. The Data and Documents chapter analyzes data gathered from discussions about student debt. This information enables readers to better understand who is borrowing student loans, what the money from the student loans is going toward, what individuals have the authority to decide who qualifies for these loans, and what is being done to curb wasteful student spending.
Contents
Preface,
1 Background and History,
Introduction,
1958: National Defense Student Loan Program,
1965: The Higher Education Act—Loan Guarantees,
1972: Education Amendments,
Ascendance of Student Loans within the Financial Aid System,
Sallie Mae,
1978: Middle-Income Student Assistance Act,
1980s: Student Loans Become the Dominant Paradigm in Financial Aid,
Changing Perceptions of Student Loans,
Conclusion,
References,
2 Problems, Controversies, and Solutions,
Introduction,
Following Borrowers, Protecting Creditors,
Defining the "Problem" as One of Repayment Strain Leads to Narrowly Focused "Solutions,"
Tweaks around the Margins Rather Than Fundamental Reconsiderations,
Information as the Answer,
Putting a Lid on Student Borrowing—Is "Nothing" Better Than Student Debt?,
Channeling Momentum for Good,
Free College?,
How about a Bailout?,
Conclusion,
References, 76
3 Perspectives,
Introduction,
Student Debt: How Did We Get Here and Why Should We Worry?: Mark Huelsman,
Student Loans and Bankruptcy in the United States: Rajeev Darolia,
Advice from Our Side of the FAFSA: Scott and Mandy Sponholtz,
Developing a Mind-Set for Paying Off Student Debt: Phil Schuman,
Education: Still Valuable, Just Not Equitable: Melinda Lewis,
The College Conundrum—Does Student Debt Cancel Out the Value of Higher Education?: Aaron Conrad,
4 Profiles,
Introduction,
Researchers,
Beth Akers,
Sandy Baum,
Meta Brown,
Rohit Chopra,
Rajeev Darolia,
Jason Delisle,
Rachel E. Dwyer,
Susan Dynarski,
William R. Emmons,
Richard Fry,
Sara Goldrick-Rab,
Darrick Hamilton,
Donald E. Heller,
Robert Hiltonsmith,
Jason N. Houle,
Mark Huelsman,
Bridget T. Long,
Ben Miller,
Laura W. Perna,
Fabian T. Pfeffer,
Tom Shapiro,
Edward P. St. John,
Journalists,
Anya Kamenetz,
Nicholas Lemann,
Research and Policy Organizations,
Access Group,
Center for Responsible Lending,
Center on Assets, Education, and Inclusion,
Demos,
Education Trust,
Federal Reserve Bank of New York,
The Institute for College Access & Success,
National Association of Student Financial Aid Administrators,
National Center on Education Statistics,
New America,
United for a Fair Economy,
Veterans Education Success,
Woodstock Institute,
Young Invincibles,
Organizations Providing Resources and Relief for Borrowers,
,
Hamilton Project,
,
Student Debt Crisis,
Student Groups and Movements,
Strike Debt/Rolling Jubilee,
Student Labor Action Project, Fighting for a Debt-Free Future,
,
United States Student Association,
Media Organizations,
Hechinger News Service,
Huffington Post,
References,
5 Data and Documents,
Data,
Figure 5.1 Student Debt by Family Income,
Figure 5.2 Student Loan Debt by Race/Ethnicity and Class,
Figure 5.3 Average Debt for Bachelor's Degree Recipients,
Figure 5.4 Use of Student Loans and Cumulative Debt, by Institution Type,
Figure 5.5 Average Debt for Associate's Degree Recipients, over Time,
Figure 5.6 Trends in Education Finance: Appropriations for Postsecondary Education and Net Tuition,
Figure 5.7 Twenty-Year Trend in Student Loan Utilization,
Table 5.1 Student Debt in Selected Countries,
Figure 5.8 State Spending on Higher Education, per Full-Time Equivalent Student, in Constant 2010 Dollars,
Figure 5.9 Average Estimated Full-Time Undergraduate Budgets, 2015-2016,
Figure 5.10 Total Student Loan Debt, in Millions of (2014) Dollars,
Documents,
College Opportunity for a Better America Act (March 18, 2003),
Senate Hearing, "Higher Education, Higher Cost, and Higher Debt" (February 16, 2007),
Senate Hearing, "The Looming Debt Crisis" (March 20, 2012),
Student Loan Affordability Act (April 11, 2013),
President Obama's Remarks on Signing the Bipartisan Student Loan Certainty Act of 2013 (August 9, 2013),
Memorandum on Helping Struggling Federal Student Loan Borrowers Manage Their Debt (June 9, 2014),
President Obama's Remarks at a Question- and-Answer Session on Student Loan Debt and College Affordability with Tumblr Participants (June 10, 2014),
Student Loan Servicing Reform Fundamentals (2016),
Senator Elizabeth Warren's Questions Following Inspector General Report Detailing Faulty and Inaccurate Review of Servicemembers Civil Relief Act Compliance by Student Loan Servicers (March 3, 2016),
6 Resources,
7 Chronology,
Glossary,
Index,
About the Authors,
