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Bait and Switch

How Student Loan Debt Stifles Social Mobility

By: Joseph N. Patten, Kenneth Mitchell

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eText | 8 November 2023

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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.