Eleni Schirmer in The New Yorker:
Americans aged sixty-two and older are the fastest-growing demographic of student borrowers. Of the forty-five million Americans who hold student debt, one in five are over fifty years old. Between 2004 and 2018, student-loan balances for borrowers over fifty increased by five hundred and twelve per cent. Perhaps because policymakers have considered student debt as the burden of upwardly mobile young people, inaction has seemed a reasonable response, as if time itself will solve the problem. But, in an era of declining wages and rising debt, Americans are not aging out of their student loans—they are aging into them.
Credit supposes that which we cannot afford today will be able to be paid back by tomorrow’s wealthier self—a self who is wealthier because of riches leveraged by these debts. Perhaps no form of credit better embodies the myth of a future, richer self than student loans. Under the vision of the free-market economist Milton Friedman, student loans emerged in the nineteen-fifties as an outgrowth of “human capital” theory, which posits the self as, above all, a unit of investment.
More here.