An educational publisher wrote to me a few months back; they wanted to reprint an essay of mine that they had seen on the Internet, where it is available for free. The textbook in which they wanted to include it, they said, would be “inexpensively priced,” and authors were therefore being asked to keep their reprint fees to a minimum. The low, low price that students were to pay for this textbook:
The student loan debt bubble in America is spiraling out of control, and it is financially crippling an entire generation of young Americans. At this point, the grand total of student loan debt in the United States has reached a staggering 1.2 trillion dollars, and an all-time record high 40 million Americans are currently paying off student loan debts.
Carrying tens of thousands of dollars in student loan debt has become the new normal. Thanks to climbing tuition and inadequate college savings, 40 million Americans now have at least one outstanding student loan, according to new analysis from credit bureau Experian. That’s up from 29 million consumers in 2008.