Student Loans Are Plundering a Generation
Posted at 1:30 p.m. on Aug. 20
Matt Taibbi directs his fierce criticism at higher education and the recent explosion of student debt.
“No doubt, seeing rates double permanently would genuinely have sucked for many students, so it was nice to avoid that. And yes, it was theoretically beneficial when Obama took banks and middlemen out of the federal student-loan game. But the dirty secret of American higher education is that student-loan interest rates are almost irrelevant. It’s not the cost of the loan that’s the problem, it’s the principal.”
“How is this happening? It’s complicated. But throw off the mystery and what you’ll uncover is a shameful and oppressive outrage that for years now has been systematically perpetrated against a generation of young adults.”