The American Student Loan Racket
10 January 2011
American student loan debt exceeded credit card debt for the first time in June 2010. Now totaling $850 billion, student loan debt increased by an all-time record of $100 billion for the 2010-2011 school year.
In this new pamphlet, WSWS investigative reporter Nancy Hanover looks at the history and practices of the student loan industry. This specialized wing of the finance industry is bankrupting an entire generation, by unabashedly profiteering from the determination of young people to learn and secure a college degree.
The social costs of the predatory lending practices prevalent in the student loan industry are staggering. Families are spending ever greater proportions of their income to send their children to college, while enrollment rates in four-year colleges for low-income students are declining. Depression among young people saddled with enormous debts is rampant.
This pamphlet, which is 26 pages, can be purchased online at Mehring Books for $3.00 by clicking here. You can order additional copies at a discounted rate of 5 for $2.50 each, to assist in building a chapter of the ISSE at your campus.