Review | 'The Debt Trap: How Student Loans Became a National Catastrophe,' makes it obvious that fixing America's $1.6 trillion student debt crisis is going to take real reform, not just quick fixes. By Jonathanaknee.
If your instinct is that there has to be a good story behind how Americans have collectively racked up $1.6 trillion of college debt — much of it never to be repaid and with the taxpayers holding the bag – Wall Street Journal reporter Josh Mitchell's"sheer volume of the obligations
Although"The Debt Trap" has a tendency to overstate for dramatic effect – asserting for instance that, with a 27% market share, Sallie Mae"controlled the student loan industry like few companies dominated any industry" – Mitchell generally delivers the goods by getting some of the sector's most egregious villains to speak to him on-the-record.While the journalism is stellar, where"The Debt Trap" ultimately falls apart is in its policy analysis.
More significantly, one of the few real success stories highlighted in the reporting where the loan program clearly made a positive difference was the case of the for-profit Florida Coastal School of Law.
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