Drowning in student debt is like being underwater on your mortgage, but there’s nothing like foreclosure for student loans
Attaining a higher education and owning a home are both pillars of the American Dream, and both often require going into debt.
But there’s a huge difference between the two: for debt that accompanies education, there’s usually no way out.
According to the new book “The Debt Trap,” by The Wall Street Journal’s Josh Mitchell, expanding homeownership and education were major priorities of most 20th-century presidents who were seeking to update the American Dream.
As those opportunities increased, so did debt — mortgage debt for homeownership and student debt for education. People had to borrow money from banks to make the American Dream happen, but borrowing for homes and borrowing for education had massively different impacts.
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