Bait and switch : how student loan debt stifles social mobility / Robert H. Scott, Joseph N. Patten, Kenneth Mitchell.
Scott, Robert H., 1976- author.; Patten, Joseph N., author.; Mitchell, Kenneth, author. (Kenneth Mitchell)
2023
LB2340
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Title Bait and switch : how student loan debt stifles social mobility / Robert H. Scott, Joseph N. Patten, Kenneth Mitchell.
Author Scott, Robert H., 1976- author.
ISBN 9783031463754 (electronic bk.)
3031463757 (electronic bk.)
3031463749
9783031463747
DOI https://doi.org/10.1007/978-3-031-46375-4
Published Cham : Palgrave Macmillan, [2023]
Copyright ©2023
Language English
Description 1 online resource (xiv, 134 pages) : illustrations (some color)
Other Standard Identifiers 10.1007/978-3-031-46375-4 doi
Call Number LB2340
Dewey Decimal Classification 378.3/62
Summary This book traces how the student loan system has created insurmountable student debt traps for millions of student borrowers contrary to its original purpose of promoting social mobility. Today, approximately 45 million Americans hold over $1.7 trillion in student loan debt, with over 20% of borrowers in default. Student loan debt has the greatest negative impact of wealth-poor students, with Black and first-generation students less likely to attain a college degree, more likely to default on student loan debt, and less likely to gain the same type of wage premium from their college degrees than white student loan borrowers. The book also offers a wide range of policy solutions for remedying the student loan debt crisis. Robert Haywood Scott, III is the Greenbaum/Ferguson/NJAR endowed chair in real estate policy and Professor in the Department of Economics, Finance & Real Estate at Monmouth University. His two previous books Kenneth Boulding: A Voice Crying in the Wilderness (2015) and Pesos or Plastic? Financial Inclusion, Taxation, and Development in South America with Kenneth Mitchell (2019) were both published with Palgrave. Joseph N. Patten is Professor of Political Science at Monmouth University, where he teaches courses in American politics and public policy. He earned his Ph.D. in Political Science from West Virginia University. The fourth edition of his co-authored textbook titled Why Politics Matters: An Introduction to Political Science is scheduled to be published in April of 2024. Kenneth Mitchell is Professor of Political Science at Monmouth University. He earned his PhD in Politics from Oxford University. His publications include Pesos or Plastic? (2019), State-Society Relations in Mexico (2001) and peer-reviewed articles appearing in the Journal of Post Keynesian Economics, Monthly Review, Challenge, Bulletin of Latin American Research, The Latin Americanist and the Journal of Oxford Development Studies.
Note Includes index.
Access Note Access limited to authorized users.
Source of Description Online resource; title from PDF title page (SpringerLink, viewed November 21, 2023).
Added Author Patten, Joseph N., author.
Mitchell, Kenneth, author. (Kenneth Mitchell)
Available in Other Form Print version: 9783031463747
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Intro
Introduction
Contents
List of Figures
List of Tables
1 The Bait: The History of American Colleges and the Creation of Student Loans
Introduction
How Theories on Education Influenced the American Framers
Education that is Useful: The Origins of an American Model for Education
College Access and Women: Benjamin Rush, Noah Webster, and Mary Wollstonecraft
Building Colleges in Nineteenth-Century America
Federal Involvement in Higher Education: The Morrill Act of 1862
The Architect of Land-Grant Colleges: Jonathan Baldwin Turner and the "Turner Plan"

Implementing the Morrill Act of 1862
The End of Slavery and the Growth of Historically Black Colleges and Universities
Expanding Access to American Colleges in the Twentieth Century: The G.I. Bill
Creation of Student Loans: Eisenhower and the National Defense Education Act (1958)
Student Loans and Lyndon Johnson's Great Society
Conclusion
References
2 The Switch: Higher Education as a Public Good Decays (1965-1992)
Introduction
Profiling a Public Good Abandoned
Institutions Matter
Formal Institutions, Federal-State Partnerships, and Great Society Outcomes

Informal Institutional Change in Higher Education
The Enemy is Us
Athletics
Administrative Bloat
Hostile Take Over-Sallie Mae/Navient
Conclusion
References
3 The Income and Wealth Effects of Student Loan Debt
Introduction
Is College Worth the Cost?
Methods
Outstanding Student Loan Debt Among Americans
College Degree Wage Premium Stratified by Race
College Degree Wage Premium Stratified by First-Generation Status, Race, and Gender
Summary of Student Loan Stratification Statistics
Student Loan Debt Delinquency
Student Loans and Homeownership

Analyzing the Relationship Between Student Loan Debt and Homeownership
Regression Models
Binary Logistic Regression Models
OLS Regression Model
Student Loans and First-Time Homebuyer Regressions
Conclusion
References
4 Recent Changes to Student Loan Policy and Future Recommendations
Debt Cancellation and the US Supreme Court
Legal Arguments Against Widescale Debt Cancellation Through Executive Orders
The Positive Impact of Targeted Student Debt Cancellation
Student Debt Policy after Biden v. Nebraska (2023)
Reforming the Income-Driven Repayment Plan (IDR)

Childhood Trust Funds (Baby Bonds)
Colleges Need Skin in the Game
Ban For-Profit Colleges from Receiving Federal Funding
Reform Bankruptcy Law
Conclusion
References
Conclusion
Index

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