Indebted

Indebted

Adult nonfiction
"Financially college might seem like a purely economic matter,
but even the most apparently simple economic activities are shaped by
cultural values, practices, and commitments. The funding system's
componants, however-- the 529 account, the Free Application For
Federal Student Aid, the Expected Family Contribution, the Parent PLUS
loan program, the Direct Loan Program--reference primarily the
exchange of money and obligation to pay. Their explicit message is
that they have a purely economic function. But, as a social
scientist, I have learned to look for the cultural mandates embedded
in such economic vehicles."
Most of us are well aware of the student debt crisis.
Educational debt has passed credit card debt in amount. Many of us
wonder how it got to this point. Caitlin Zaloom, an economic
anthropologist, had the expertise and credentials to actually
investigate this sorry state of affairs. Her first challenge was
locating students and families who would share their fiscal stories.
"...American families generally don't talk openly about their wealth,
their investments, or their debt. Sex, politics, religion--Americans
are far more likely to discuss these sensitive topics with friends,
neighbors, and relatives than they are to share information about how
much money they make, save, and owe..." Fortunately she was able to
conduct more than 160 interviews over a period of three years. She
was able to get to know a subset of her families more in depth. Her
sharing of their struggles throughout the book makes it eminently
readable for those of us who aren't economic amthropologists.
You probably won't be surprised by some of her findings. Over
the past few decades college has become a lot less affordable.
Financing has shifted from primarily grants with a few loans thrown in
to primarily loans. Family expected contributions are way more than
many families have resources up front to pay. In many families,
students and parents are saddled with debt in a time when a degree
does not automatically lead to a job that pays enough to survive, let
alone start paying back.
What will surprise most of us are the moral imperatives hidden
in all the financial jargon. Sending one's children to college
becomes an obligation for responsible parents. A very narrow
definition of family on the FAFSA privileges the individualistic
nuclear families over those that include grandparents and other kin.
The focus on budgeting favors families that have the stability to do
so (say large salaries) over the ones where hourly wages and varying
hours per week make finances far from predictable, the families like
the one my kids were born into. The paragraph I quote below has very
ominous implications.
"This emphasis on jobs contains yet another moral premise; that
the value of higher education is primarily financial rather than about
open futures. Students should choose courses of study and careers for
their potential income, not kidding themselves about following a
passion or commitment that has little prospect of earning them a good
salary, and not taking time for personal exploration, such as taking
'frivolous' courses in the arts or liberal studies. As for parents,
in addition to getting and staying married, the morally tinged
assumption is that they will have no problem paying back their loans
if they manage their careers well, no matter how the conditions in
their fields might evolve."
Not only is the above logic based on faulty assumptions (that
the vocation skill set students acquire will align with the
requirements of the future career place; that parents, in a society
that sees many as expendable cogs, will be able to manage their
careers at all, never mind well) it points to a peril never directly
mentioned in the book: the continuation of our capitalism on steroids
status quo. With both generations mired in long term debt, people
won't dare to stand up for the revolutionary changes we need. With
liberal studies branded as frivolous and avoided, students won't gain
the critical thinking and collaborative skills needed for any kind of
resistance or solving huge problems like climate change. If that
doesn't scare you, I don't know what will.
If you have a child or grandchild with college aspirations, find
yourself in need of going back to school like I did, or want to be a
member of a society that is fair, just, and not speeding toward
extinction, Indebted is a must read.
On a purrrsonal note, my attempt at accessing zoom was a total
unmitigated failure. I followed the steps the professor wrote in the
email. I was on the phone with two more tech savvy people, one who is
actually in my class and who called the professor twice. Tobago tried
to help by walking across the keyboard when Georgia asked if there was
anyone in the house who could help me. I tried my best for 48 minutes
and only succeeded in getting a splitting headache. Today I will try
the next step and call the IT people. But what good is zoom (or any
other technology) if you can't access it by following directions
exactly? (Jules)
The president thinks America can be back to normal with everyone at
work and in school and going on cruised by Easter? What part of
pandemic does he not understand? Someone cut off his supply of nip.
(Tobago)
Tobago and Jules Hathaway


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