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The Debt Trap How Student Loans Became A National Catastrophe Josh Mitchell

SKU: BELL-34283482

$ 31.00 ~~$ 45.00~~ (-31%)

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The Debt Trap How Student Loans Became A National Catastrophe Josh Mitchell instant download after payment.

Publisher: Simon & Schuster

File Extension: EPUB

File size: 2.04 MB

Pages: 272

Author: Josh Mitchell

ISBN: 9781501199448, 1501199447

Language: English

Year: 2021

Product desciption

The Debt Trap How Student Loans Became A National Catastrophe Josh Mitchell by Josh Mitchell 9781501199448, 1501199447 instant download after payment.

“A devastating account...The story he tells is so infuriating that it could induce apoplexy in a Zen monk.”—TheWall Street Journal
From acclaimed Wall Street Journal reporter Josh Mitchell, the dramatic, untold story of student debt in America.
In 1982, a new executive at Sallie Mae took home the company’s financial documents to review. “You’ve got to be shitting me,” he later told the company’s CEO. “This place is a gold mine.”
Over the next four decades, the student loan industry that Sallie Mae and Congress created blew up into a crisis that would submerge a generation of Americans into $1.5 trillion in student debt. In The Debt Trap, Wall Street Journal reporter Josh Mitchell tells the untold story of the scandals, scams, predatory actors, and government malpractice that have created the behemoth that one of its original architects called a “monster.”
The tale begins in 1957 with the launch of Sputnik. Afraid that America was falling behind the Soviets in science education, Congress created the first major federal student loan program to enroll more students in college. What followed were a series of well-intentioned government actions that created a cycle of reckless lending and runaway tuition. Easy access to loans allowed colleges to raise tuition to unheard of levels, which in turn led Congress to increase loan limits and interest rates and expand who could borrow. This spiral continued as the private banks that fronted the money made huge profits on interest. “Nobody was pure in this business,” one former college president said.
As he charts the gripping seventy-year history of student debt in America, Mitchell never loses sight of the countless student victims ensnared by an exploitive system that depends on their debt. Mitchell also draws alarming parallels to the housing crisis in the late 2000s, showing the catastrophic consequences student debt has had on families and the nation’s future. Mitchell’s character-driven narrative is required reading for anyone wanting to understand the central economic issue of our day.