Jacobin Radio The Dig: Student Debt w/ Ryann Liebenthal, Chenjerai Kumanyika, Mike Pierce
Jun 17, 2025
This discussion features Ryann Liebenthal, a writer focused on student debt, along with Chenjerai Kumanyika, a journalism professor and audio documentarian, and Mike Pierce, director of the Student Borrower Protection Center. They dive into the alarming rise of student debt, which now surpasses $1.8 trillion, and argue for systemic reforms including free college. The conversation also tackles the predatory nature of for-profit colleges, the emotional toll of debt, and the importance of collective action to challenge the current financial landscape of higher education.
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Origins of Student Loan System
- Federal student loans grew from Cold War fears and budget tricks to fund education indirectly.
- Commercial banks made loans guaranteed by government subsidies, entangling public funds in private profit motives.
Sallie Mae's Corrupt Evolution
- Sallie Mae began as a government-backed middleman to support student lending markets.
- It evolved into a profit-driven private corporation exploiting students through loan servicing and collection.
Reagan's Tuition Strategy
- Reagan shifted California higher education from free tuition to costly fees to control and discipline students.
- Tuition and debt were imposed to suppress protests and enforce compliance, limiting educational freedom.
