By Sarah Jaffe
You could call it a bubble, but it’s more like a ball and chain. Bubbles are, after all, light and airy.
The collective weight of American student debt is now over $1 trillion, and that weight is a drag not just on those paying the debt, but on our entire economy. It’s hard to calculate exactly, because the lenders are notoriously unwilling to hand over their data, and with students defaulting at ever-higher rates, interest rates and fees are always changing, adding constantly to the weight of the burden college graduates (and those who didn’t graduate but still have to pay off the loans they took out in more hopeful times) carry.