Taking out hefty student loans has become a normalized feature of college life … Parents, for the most part, don’t ask too many questions. They are cowed by the prestige of colleges or are anxious not to puncture their children’s aspirations. As for the borrowers themselves, most are not old enough to drink when they are approached, like subprime-mortgage dupes, with offers they cannot refuse. NYU Professor Andrew Ross in a fascinating essay for Daily Beast. Read more.
When I’ve signed up for, say, a car loan, I never went ‘Oh, you shouldn’t have’ afterward, as if I had received a really nice birthday gift. I understood that the creditor wanted to lend me a certain amount of money at a certain rate, and I wanted to borrow it. Full stop. Mike Konczal in Salon, on why we shouldn’t call student loans “financial aid”: It’s not really aid if you have to pay it back.
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