The Story of Owe

The perils of student debt has inspired a bondage e-book, reports Kenneth Anderson on Volokh Conspiracy. Emily’s Debt posits a “very near future” in which student loan debtors are turned into slaves who can be abused with impunity.

Student loans can’t be discharged by bankruptcy. Anderson speculates that debtors will pressure politicians  to change the rules.

A generation of students — and their parents, with whom they are living — in this job market, who took what looks now to be a sucker’s bet that mostly benefited universities, has to appear politically very different to politicians.

Federal investigators looking for evidence of student aid fraud broke down the door of a family home in Stockton, California and held the father in a patrol car for six hours; the three young children were held in a car for two hours. Kenneth Wright, who has no criminal record, wasn’t charged. Apparently, his estranged and absent wife is the suspect.

The Education Department’s Office of the Inspector General, which conducted the raid, recently bought new shotguns.  Perhaps that’s why the pseudo-SWAT team didn’t just knock on the door, produce the search warrant and ask the family to stay with neighbors while the house was searched for phony loan applications.

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Comments

  1. Michael E. Lopez says:

    Joanne-

    Best. Pun. Ever.

  2. I see this as a setup for a bailout:

    We have to forgive student loans, because otherwise everyone owing them will become slaves.

    I wonder: What is the size of the “has huge student loan debt” voting bloc?

  3. Student loan debt now exceeds outstanding credit card debt in the US, what does that tell you about the overuse of student loans and the cost of a college education which has risen some 400% since the early 80’s, but the college completion rate has remained the same since that time (27-36% earn a bachelors degree). Also the high school graduation rate hasn’t changed much in 40+ years, despite spending an estimated 550 BILLION a year (city/county/state/federal) on K-12 education.

  4. Pretty racey allusion for an ed blog!

  5. tim-10-ber says:

    So…can we stop saying all kids must go to post secondary school [and incur debt in many, many cases] and prepare them well in a voc-tech high school to take apprenticeships and be productive…on their way to even owning their own businesses? UGH!

    The government will (has) only make this situation worse…

  6. >The Education Department’s Office of the Inspector General, which
    >conducted the raid, recently bought new shotguns.

    Isn’t this the real story? The Education Department has “enforcers”.