“Students who acquire large debts putting themselves through school are unlikely to think about changing society,” says Noam Chomsky. Analysts conclude that the next generation of graduates will include more borrowers who may never be able to repay their student loan debts.
Student debt has more than tripled since 2004, reaching $1.52 trillion in the first quarter of 2018. Federal student loans are the only consumer debt segment with continuous cumulative growth since the Great Recession. As Chomsky explains “Tuition fee increases are a “disciplinary technique,” and, by the time students graduate, they are not only loaded with debt, but have also internalized the “disciplinarian culture.””
Student loans have seen almost 157 percent in cumulative growth over the last 11 years. And they have the highest 90 day delinquency rate of all household debt. More than 10 percent of student loans are at least 90 days delinquent.
“When you trap people in a system of debt, they can’t afford the time to think. Tuition fee increases are a ‘disciplinary technique,’ and, by the time students graduate, they are not only loaded with debt, but have also internalized the ‘disciplinarian culture.’ This makes them efficient components of the consumer economy.” – Noam Chomsky