Student loans: The financialized economy of indentured servitude
Get ready students! Your college student loans are due to double on July 2013! The cost of higher education is spiraling and with it the cost of student loans, one of the biggest Wall Street rackets currently in existence. Both the Obama administration and the Republicans are seeking “market solutions” they say will staunch the bleeding (1) (http://www.washington.edu/federalrelations/files/2013/05/SAP-on-H.R.-19112.pdf ) (http://www.congressionaldish.com/h-r-1911-increase-interest-rates-for-students/).
Don’t be fooled: it is ‘market solutions’ that caused the crisis and with the financialization of education, students are seen as little more than commodities to be bought, sold and monetized for profit. Education is now nothing more than a pernicious, seedy investment for those on Wall Street and vulture capitalists along with pension fund managers looking for high returns on their squalid investments. College is no