I got an ARC of this book.

This was my first real dive into the student loan system. I took out student loans when I was 17 and was given zero help. I was not told that I was supposed to give back the extra money or that I would even be offered more money than I would not need. I was just told that I had to use a certain lender (through the school), because if I worked ten years in a certain way I could get them forgiven. So I did that. That was the only information I was provided. I am lucky and my loans are paid off. I know how lucky I am. I still do not work in the field of my undergrad degree. I have done everything in my power to not have to do loans for my masters. I have watched as my friends drowned in their loans.

The difference between my friends and me? I got more schoalrships, I went to a cheaper school, and my grandmother made the payments on my loans as my graduation present. She paid them off to shame my cousins and siblings for not going to school. I was lucky that I had that family support. Family support that relied on a divorce, becoming disabled through building submarines by hand, and a few other lined up just right to be able to afford to make more than the minimum payments.

I am lucky. This book just was hundreds of pages of why I was lucky. I wasn't prey for a predatory school, despite my age. I wasn't in the military and dealing with that extra layer of awful. There are so many reasons I was lucky.

I think the biggest take away is school should be free. We should want to had a more educated public. We should celebrate learning and growing, instead of using it as way to further control the masses and financially terrorize those that try.

Sunk Cost details the creation and evolution of the student loans and how it contributes to the financial crisis so many borrowers find themselves in today. A detailed, well-documented history is interspersed with personal anecdotes from people who have suffered from contact with the industry, making it quite readable (I’d say even enjoyable, but the subject matter is rage-inducing) and above all a highly compelling argument that individual student loans are not just an issue of personal responsibility but part of a broad issue. As Berman puts it, “the blame for the student debt crisis rests with a nation that insists on a college degree for economic stability but refuses to fund it.”

It’s tragic how the GI Bill and student loans, from their inception, have been used to swindle people who just want to improve their lives and how repeated efforts to install better regulations have been stymied. I thought I was fairly cynical about student loans having financed my advanced degree with loans, but it turns out I was not cynical enough. Certainly not about loans, and not about higher education in general. Berman explains, in lucid prose and plenty of references, how higher education has served as a way to elevate the higher castes and make education and unemployment less tenable for anyone else throughout our country’s history (immigrant populations, women, people of color). Powerfully, Berman argues that our treatment of higher education as a necessary and public good but one that should be financed at the individual level, things are unlikely to improve.

Highly recommended if you’re interested in higher education.

Books cited I’d like to read:

Eaton, Charlie. Bankers in the Ivory Tower.
Rivera, Lauren. Pedigree: How Elite Students Get Elite Jobs.
McMillan Cottom, Treasure. Lower Ed: The Troubling Rise of For-Profit Colleges in the New Economy

This book was phenomenal - I’ve read many of the other recent student loan histories and this one outshines them by weaving together the narratives of borrowers, legislative and regulatory history, and stories from policymakers and advocates.

Thank you to NetGalley, the author, and the publisher for this complementary ARC in exchange for my honest review!

This is a fascinating historical study of the student loan system in the US from early Pell grants to the current structure. This is a complex issue and there is lots of great information on how we got to where we are now, with many students unable to pay off their loans. There were lots of interesting anecdotal stories to help paint the big picture of how a variety of overlapping issues affect different types of people.

I would have appreciated a bit more comparison on what other nations are doing - is there a viable solution out there? As someone working in the higher education space in another country, I think the sole focus on the US was a missed opportunity.

Overall, it's an enjoyable and relatable read - it leaves you thinking about how things could possibly get better for future generations of students.

US student loans can be crippling for many, especially minority students. What are responsible ways to take on debt, and what should be avoided? How can the student loan system be reformed to enable more students to obtain a degree? This book offers a historical review of the US student loan system and offers possible reforms. An excellent read!

What a fascinating dissection of a complex and oh-so-timely issue this was... Berman does a great job capturing the multiple elements that play into the burgeoning student loan crisis. The history was interesting and the writing engaging. It's a long and involved book - but it's a complicated and involved issue, so that didn't surprise me. The writing style is easy enough to get into though, and with the sections divided as they are and replete with anecdotes and personal stories, it's quicker to read than you think it will be (and you can always skim if a particular piece of history is not to your taste or feels too detailed for you).

This is a topic that I am very interested in, but phew does it cause a bit of rage. In this book, Berman gives an in-depth look at the origin of our student loan system, the GI bill, PLUS loans, the increasing cost of education & loan dispursements, and a lot about predatory loans from for profit colleges. Working in finance/credit I can’t believe how many of those loans I saw - and they nearly never amounted to well-paying jobs. With the growth of well-named colleges jumping into certificates - are they really worth it? What about a non-target school? Really makes you think.
Berman also discusses how things have changed over the years, painting a scary picture for the future. Finally, she explains other ways we can help to fix this. Highly recommend to learn more about the student loan crisis!