The United States of Debt explores the high cost of student loans.

How the Student Loan Crisis Affects You Even If You Don’t Have Any Loans

How the Student Loan Crisis Affects You Even If You Don’t Have Any Loans

Comments
Slate Plus
Your all-access pass
July 12 2016 1:19 PM
Comments

How the Student Loan Crisis Affects You Even If You Don’t Have Any Loans

In Episode 3, the United States of Debt looks at the high cost of student loans and how they burden everybody.

160614_DEBT_Student-Debt

Digital Vision

This article supplements the United States of Debt, our third Slate Academy. Please join Slate’s Helaine Olen as she explores the reality of owing money in America. To learn more and to enroll—academies are included in your membership—visit slate.com/Debt.

On average, college graduates still earn more money than people who don’t go to college. But not everyone has the ability to pay for college right off the bat – and that’s where student loans come in.

In this third episode of the United States of Debt, a Slate Academy, host Helaine Olen explores the depth of America’s student loan crisis. Today, Americans owe about $1.3 trillion in student loans. How does the impact of those student loans affect our economy? How many of us are really burdened by the cost of pursuing a higher education, and is there a way out? Are student loans more common now, and why? Why are student loans such a mess in the United States compared to other countries? And what do for-profit schools have to do with all of this?

Also, tune in to hear Helaine’s advice for moving past these mountains of student debt.

Meet our subjects from Episode 3:

  • Rosette, 23, is from Long Island, New York. She has $120,000 in student loan debt from her undergraduate degree at Bard College and her master’s from Harvard University. She teaches eighth-grade English at an urban public school in Massachusetts.
  • Ami, 29, has about $30,000 in debt from attending the Illinois Institute of Art. Her mother, who is a letter carrier for the U.S. Postal Service, also took out about $78,000 in loans for her education. Ami lives near Chicago with her boyfriend, 5-year-old daughter, and two dogs. Ami and her boyfriend have refrained from getting married for fear that his wages will be garnished.

Our guest experts on Episode 3 include Sara Goldrick-Rab, a professor at Temple University and leading scholar on financing college education, and Robert Lawless, a professor at the University of Illinois’ College of Law and an expert on debt.

Also, we’re hoping that you’ll share your stories of debt with us. How is your life impacted by student loans? Did you attend a for-profit college and have an experience like Ami’s? Do you find yourself avoiding phone calls from numbers you don’t recognize, fearing it might be a debt collector? Send us a voice memo at slatedebtacademy@gmail.com and we might run some of your responses in a bonus segment or upcoming episode. You can also dial (929) 279-3328 and leave a message for us there. Feel free to remain anonymous.

To join this Slate Academy and hear future episodes, chat in our private Facebook group, and read supplementary materials, visit slate.com/debt.

This episode included music by Kai Engel, Chris Zabriskie, and Sergey Cheremisinov.