In order to afford purchases of the higher education commodity, students and their families are going further and further into debt—and having more and more difficulty paying off their student loans.
According to the New York Times,
The amount of defaulted loans — $76 billion — is greater than the yearly tuition bill for all students at public two- and four-year colleges and universities
Students and their families are going into debt to pay for all kinds of schools—public and private, large and small—but they’re having the most trouble paying off loans they take out to attend private, profit-making schools.
And the federal government has gotten into the business of collecting on student debtors who are in default.
Just like mortgages and the housing industry, student debt has become an important condition for sales of the commodity higher education.
What’s next—student debtors’ prison?