Throughline Student Loans: The Fund-Eating Dragon
Jul 21, 2022
Elizabeth Tandy Shermer, an associate professor of history, and Josh Mitchell, a Wall Street Journal reporter, dive into the historical evolution of student loans and the staggering $1.7 trillion debt burden. They discuss the post-WWII GI Bill as a double-edged sword, democratizing education yet excluding marginalized groups. The rise of Sallie Mae and its impact on student financing reveals an exploitative relationship with banks, while the late 20th century experience highlights growing inequality in access to higher education.
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Sputnik Surprise
- Lyndon B. Johnson, then Senate Majority Leader, heard news of Sputnik's launch at a barbecue.
- He and guests searched the sky for the satellite, realizing the U.S. had been beaten to space.
Space Race Education
- The space race, triggered by Sputnik, highlighted America's need for skilled workers.
- This led to efforts to make college accessible, creating the student loan system.
GI Bill's Impact
- The GI Bill offered unprecedented government support for higher education.
- It aimed to prevent post-war unemployment by keeping veterans out of the job market.
