American Greatness
Ashley Hamilton
Feb. 9, 2018
Whenever I drive past UCLA, with its Romanesque buildings and banners of blue and gold; whenever I see the steps and street lamps that line the campus; whenever I follow the red-orange road that criss-crosses the grounds; I ask myself: How do they do it? How do college students control their workload––and not lose control of the load of debt they carry, like a stack of books prior to exams? The answer is: They do not.
More than 44 million Americans have student debt. For many, default is their own personal default mechanism: It begins when college commencement ceremonies end, and commences when lenders try to collect payment on unpaid loans, while investors fret and potential investors flee. These private loans total some $108 billion, and among its holders the National Collegiate Student Loan Trusts (NCSLT) is the country’s largest owner of private student loans.
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