Burdened: Student Debt and the Making of an American Crisis―A Revealing Examination with Bold Solutions, Explore the Path to Debt Relief and Reform

by Ryann Liebenthal

A sweeping, urgent investigation of the student loan debt crisis in America, revealing the corrupt systems, bad actors, and rotten policies that have led to a $1.7 trillion-dollar burden to an entire generation. Student debt has become a quintessentially American crisis. College costs more than ever and is worth less. Tuition at public colleges has soared by almost 400 percent in the past 50 years. Over the same period, wages have increased only 115 percent, and student debt has grown from virtually nothing to $1.7 trillion (tripling in just the past 15 years), second only to mortgages. Skyrocketing student debt burdens are leading an entire generation of students to delay or avoid reaching the traditional milestones of they are delaying buying homes, getting married, starting families, and saving for retirement. The crisis hits women harder and for Black women, even worse. While women graduate with 15 percent more debt than men on average, for Black women, it's double. Because of racial wealth and income gaps—the ongoing legacies of centuries of white-supremacist policies—Black borrowers are hit hardest of all. Ryann Liebenthal’s OVERDUE tells the maddening story of how, over the past century, the power plays of legislators and presidents, the commodification of high ed, the predatory practices of for-profit colleges, and the privatization of lending has created today’s untenable student debt lava pit. As the notion of student debt cancellation continues to percolate into the political mainstream, Liebenthal untangles the mess by offering a deeply reported, sweeping narrative of the people, institutions, and ideological underpinnings of our broken system. By tracing the long tail of a failed system, Liebenthal boldly offers a way out.  

Genres: Nonfiction, Politics, Audiobook, Education, History, Economics, American History

336 pages, Hardcover

Published September 10, 2024

Reviews

[Vincent · Rating 4 out of 5]

Can be dryer than eating saltines washed down with a glass of salt. BUT, this is up there with Poverty, by America as a book that can radicalize an American by laying bare the history of a fucked up system that was rigged from the beginning.

Thanks for the advance copy goodreads; I hate it.

[Annie J (The History Solarium Book Club) · Rating 4 out of 5]

Unpacking the Roots of the Student Debt Crisis

In this critical examination of the history of the student debt crisis, Ryann Liebenthal provides a needed perspective on the systemic factors that fueled the exponential increase in financial burdens for American students. Highlighting the policy missteps, predatory lending practices, and shifting priorities of presidential administrations, Burdened not only gives the context for but also the socioeconomic consequences of higher education financing in the modern era. At its core, Liebenthal’s Burdened is a history book. Beginning with the “Era of Missed Opportunities (1941-1971), a timeline of key moments in funding of higher education is traced. From the post-World War II GI Bill to current efforts to forgive student loans, the entrenched inequities of tuition costs, the view of the student as a consumer rather than a citizen, and the exploitation by private loan systems is exposed. Liebenthal’s Burdened is a compelling and meticulously researched work that unpacks the origins of the student debt crisis and challenges readers to consider the role of higher education in fostering an equitable society. This book is an essential read for policymakers, educators, and students seeking to understand the deeper roots of our financial predicaments and how this crisis continues to shape the future of American higher education and economic opportunity.


I am grateful to NetGalley and Dey Street Books for providing me with a gratis copy of Ryann Liebenthal’s Burdened.

[Evan Magallanes · Rating 4 out of 5]

An incredibly sobering, upsetting read. I’m far from a neutral observer, but it really is worth exploring the underlying inequities of this country’s higher education system. It does not have to be this way. It should not be this way.

[Natalie Park · Rating 5 out of 5]

4.5 stars. What a mess and not surprisingly the significant snowball of damage was started by Ronald Reagan, the destroyer of California’s education system as governor, and then he put that experience into use as president to make higher education unaffordable for most and sent it on its way way to be a for-profit industry. Predatory loan companies and for-profit schools are where we are now and it’s not looking good that any part of loans will be forgiven as the incoming president ran a for-profit school that defrauded students. Only the future knows if we will remedy this issue. I highly recommend this book as it provides a concise overview of the history and where we stand today.

[Samantha Refvik · Rating 4 out of 5]

It’s always Reagan :/

[David Weis · Rating 2 out of 5]

A crisis that really deserved a better book. This is a poorly edited amalgamation of anecdotes and flashes of history with moralizing and trite commentary straight from the author’s mouth, much more of an ideological narrative than a serious historical / critical analysis.

Author has sixth grader’s understanding of economics and betrays it throughout (“student loan forgiveness has no impact on national debt but it does impact the deficit” - what?)

Needed a lot more actual research. Glaring holes in analysis and history. Very little substantive coverage of the labyrinthine application process for the average college student seeking aid (despite the cover of the book being the FAFSA?). Practically zero coverage as to why college is so expensive to begin with (administrative bloat, competition for full-tuition students, international students, etc).

Overly focused on for-profit schools, little focus on the average undergrad or graduate student. And for an author who is seemingly a journalist, barely contains a smattering of pages tacked on at the end about the ties of the trump administration to the student loan industry / and conservative ideologues? With maybe 5 pages on the Biden administration student loan forgiveness push?

Clearly struggles to get to even 200 pages of real work so the end is filled with thoughtless summaries before a handful of pithy and poorly thought out policy suggestions. Honestly regret spending my time reading this. Wish the author rose to the occasion better

[Jamie Speka · Rating 3 out of 5]

This book showed how little I know about student debt - a scary ordeal considering I'm in the beginning of paying debt off after graduating months ago.

At the start, Liebenthal goes through the history of student loans in America from the GI Bill to Biden Administration's recent SAVE Bill. Liebenthal is a great writer - her style is a bit too flowery and laborious for my liking, which sometimes droned on, but also made bits of it more exciting. Indeed, the book can be very dry; I wouldn't describe it as a page-turner. Nonetheless, it's an essential read for young people. In fact, it would be great for us to read bits of this ahead of going off to school, but alas the dry and laborious reading style would not stick with high schoolers. This is another issue I have with the book: everyone should know what she's talking about, but because it's difficult to follow at times--densely packed with information and acronyms that one has to be reminded of constantly given America's loan system loves an acronym--it's not accessible. My greatest critique with socialist-leaning books such as these is that they need to be more accessible to showcase that these ideologies on class immobilization, should be able to be understood by everyone. Then again, a generalized writing style is boring, so perhaps I digress...

As for content I agree with Liebenthal that the system is based on profit. One of my favorite quotes from the book:

"We are telling teenagers to toss the dice on their own lives and then punishing them if they make the wrong choices or, god forbid, follow their own interests."

Indeed, she maintains that if a university degree has lost value in the last few years--as it has in America--then this is only because we are treating it as a consumer product. There's no way not to because that's how America has built it up to be. The more loans you get, the more 'Human Capital' can be built assuming you get a job and pay it off--which is a difficulty considering America leaves graduates in an unprosperous job market bound to the whims of free market individualism that turns those with loans on their heads; after all, if you ultimately default the loan, then it's your fault for going to college (a necessary step that is already advertized to America's youth since elementary school). Oh! And you can't declare bankruptcy from your loan, nor borrower defense, sorry!

A review called Liebenthal a Socialist, which is fair enough considering most of the book talks about how great state intervention in universities would be. It's a fair assessment, but also not one that should be labelled as such because people are so afraid of that word--Americans above all. In reality, I think her solutions are common sense: investment in higher education on state and federal levels that need not cross academic standards. Taking on private schools by making them face public standards if they're going to eat up most of the grant and loan disbursements (or better yet, if they receive public funds make sure they ARE private). Then eliminating for-profit education altogether as it's exploitative and the arguments for it are just,,,dumb (read the book to know why).

My detailed, yet a little messy, notes are here (I recommend reading Ch 13 most): https://docs.google.com/document/d/1B...

[Kevin Schafer · Rating 4 out of 5]

Book #1 of Kevin’s paternity challenge (was going to be 20 but I’m going to crusade past that at the current rate)

Found this through the New Yorker. Good examination of how America developed such an unwieldy and onerous system of student loans. Great exploration of how awful the for-profit schools (ITT, University of Phoenix etc.). Sobering read to consider what this debt burden will continue to do.

[scriptedknight · Rating 5 out of 5]

rating: 5/5 stars
~
i’ve said it before and i’ll say it again: fuck student debt and ronald reagan.

[kaley · Rating 3 out of 5]

as i feel about most feature-length articles given a book deal, there was not enough content here to make a book. but well-researched. i appreciated the audiobook narrator reading each line like she was spilling the most piping hot tea about the ways her douchebag boyfriend fucked her over, when in reality it was tea about how the U.S. fucks us over daily

[Madison · Rating 5 out of 5]

This book epitomizes the idea that those who don't know history are doomed to repeat it. It provides an incredibly well researched history of student debt, and unfortunately shows how much of yesterday's conversations have bled into today. While progress is being made and there is hope to some degree, this book shows how deep these issues run and how much corruption there was/is in higher education.

Liebenthal really did a great job with this book and there is no confusion about why this book was written. The self-insertion at the end was very welcome and really drove home the point of this story. It showed how student loan debt, while technically 'unnecessary,' can feel like the only option to some. It also showed how this choice to take out loans can saddle someone with so much debt that they can hardly imagine a life without it.

All in all, I highly respect the author and the process it must have been to write this book, especially on a topic that is clearly so personal. I came out of this feeling like a learned a lot, and also felt a lot more affinity for The Debt Collective, an org I was already quite fond of. Thank you to Ryann Liebenthal and NetGalley for providing me early access to this book.

[Nuzhat · Rating 5 out of 5]

While I understand how others might not love the book as much as I did because of a lack of enthusiasm for policy and the inner workings of government, I do think that anyone who might disregard the overall societal benefit of having an educated populace, should read this book with an open mind. What I found fascinating (and sad) was the overwhelming similarities that can be made with the negative aspects of government funding in health care. We are subsidizing the health insurance companies to ensure that everyone can afford health insurance deductibles which keep rising because the government is paying. Couldn't we be better off without the middle company by being the direct payor of services? We have already seen how Medicare Advantage companies (Private companies paid to administer Medicare) already cost the taxpayer more because of their consultants and profit-minded executives maximizing government payout. (Anyway- back to the book.)
I remember watching the Dateline or 60 Minutes episodes highlighting the students who took out loans who couldn't find work or hadn't understood the system and repayment. I also remember reading articles about the program of loan forgiveness after 10 years of repayment and working in a public sector job that wasn't benefitting anyone.
I do wonder when she talked about the for-profit sector of private universities especially benefitting from the system, how Trump University was milking the system (Same as all the other for-profits). That over 6000 former students received part of a $25 million settlement is telling. How many of the former employees are in the current administration dismantling the Department of Education with the hopes to continue the grift?
I know that I am part of the online educational offerings in my job at a public university. When we first started the 'condensed' accelerated learning we had a private company contracted with us to market and recruit students of which I'm sure they made a pretty profit off of our program and students. I'm glad that contract was not renewed, so we are doing that in-house.
Because high school graduates in New Mexico can qualify for free college tuition through the lottery scholarship, I would like to see evidence of how NM has benefitted from this and if more students stay within NM to serve the state that educated them.
I was glad to read that despite the Supreme Court's decision that debt cancellation was not legal by executive action, that other rule changes that weren't challenged were able to benefit many more students and that loan forgiveness through the program mentioned above is functional now.
My last thought is if we were to wipe out the past debt of those who have it, how can we move forward so that future students are not burdened? What is the 'fair' path forward?

[Raven Bosquez · Rating 5 out of 5]

Burdened: Student Debt and the Making of an American Crisis is an eye-opening and meticulously researched exploration of one of the most pressing issues facing America today. The author delves deep into the origins and consequences of the student debt crisis, painting a vivid picture of how it affects individuals and society as a whole.

The book excels in its thorough analysis, combining personal stories with comprehensive data to illustrate the multifaceted impact of student debt. The narratives of borrowers from various backgrounds are poignant and powerful, providing a human face to the staggering statistics. These stories are woven seamlessly with in-depth examinations of the systemic factors that have led to the current situation, including policy decisions, economic forces, and institutional practices.

What sets Burdened apart is its balanced approach. The author presents the complexities of the issue without resorting to oversimplification or sensationalism. The arguments are well-supported by evidence, and the book offers insightful perspectives on potential solutions, encouraging thoughtful consideration and dialogue.

The writing is engaging and accessible, making a complex and often overwhelming topic understandable and relatable. Whether you are directly affected by student debt or simply looking to understand one of the major socio-economic challenges of our time, this book is an invaluable resource.

Burdened is not just a book about numbers and policies; it’s a compelling call to action that urges readers to consider the broader implications of the student debt crisis. It is essential reading for students, educators, policymakers, and anyone interested in the future of higher education and economic justice in America. Highly recommended for its clarity, depth, and impact.

[Charles · Rating 5 out of 5]

Full disclosure: I received a free galley copy through a Goodreads giveaway.

Both a broad history and a rousing polemic, Liebenthal's account is an accessible, infuriating account of how and why college financial aid became a crisis that destroyed millions of lives. Liebenthal unpacks nearly a century of foolish assumptions, willful neglects, corporate giveaways, and government malfeasance that ultimately left borrowers, mostly poor and working class, with little-to-no recourse against the student loan behemoth. She writes clearly and compellingly, sprinkling her prose with amusing asides and sharp turns of phrase as she details legislative bills and economic schemes that are often labyrinth and nonsensical. She also does excellent work situating student financial aid legislation into broader historical context from the Cold War through Covid. Finally, she sets forth a vision for what education should (e.g. a human right) and should not be (e.g. a consumer product), and proposes reforms both practical and idealistic.

This is an overdue and necessary account of a still overlooked nightmare, and I wish it had gotten more publicity across mainstream / literary media --- anyone whose life has been uprooted by a student loan, be it their own loans or a child or spouse, should read this to understand how a seemingly well-intentioned system could become and remain so destructive. (And yes, I've spent nearly 20 years in my own student loan hell -- my final remaining loan was forgiven through PSLF while I was reading this book.)

[J.Istsfor Manity · Rating 3 out of 5]

Thereafter, the popularity of the liberal arts plummeted, while that of vocational and business studies skyrocketed-increasing by 92 percent by 1985—and colleges expanded their offerings accordingly. The number of students who headed off to school in search of "a meaningful philosophy of life" fell from 82 percent in 1969 to 43 percent in 1985. In their place came students who felt it key to become "very well off financially"—71 percent of them, up from 40 percent at the end of the 1960s. No longer beacons of a liberal, humanist society, students had become consumers of the product of education.

***

And where was education in all this? The initial goal of the student aid program was to make it easier for straitened low- and middle-income students to afford a college degree because, as a nation, we believed that was mutually beneficial for individuals and society. This motive had been lost in a morass of cynical disputes about the federal budget and political posturing over personal responsibility. Students and the degrees they sought for themselves and the country were no longer placed at the forefront of decisions about higher education. Instead, they became figures on a ledger aimed at enriching private contractors and reducing the federal deficit.

— Ryann Libenthal / Burdened: Student Debt and the Making of an American Crisis

[Krysten · Rating 4 out of 5]

I saw this book in the library on a new non-fiction shelf. I wasn’t sure if I wanted to read it, but then I decided it might be helpful to know the history of student loans. I am someone with six-figure student loan debt so it was very infuriating. The history of how the whole system came to be. Especially the for-profit schools who took advantage of millions of people for their own gain. I remember on TV all the commercials of university of Phoenix and how they said it would be beneficial for people to get education. Only then to find out their degrees were pretty much worthless and the teachers weren’t even qualified. It’s very sad how much America focuses on the individual and puts all of the blame and responsibility on youth who know nothing about loans and the amount of debt they are taking on and have to pay back. I was one of those youth. I really hope that the system continues to change. I know with the different president now who knows what will happen. I will do my best to have hope and see where it goes from there. Honestly, I feel like all student loan debt should be forgiven. We haven’t been paying it for years and nothing has happened so to me it’s fake and just a way for government to take advantage of us and get our money.

[Dulcie]

I received a copy of this book in exchange for my honest review. Burdened: Student Debt and the Making of an American Crisis by Ryann Liebenthal is the tell-all we have been waiting for about the Student Loan crisis. Both Republicans and Democrats are to blame for the mess we are currently in, as they both made horrible decisions at various times to change the system. Even our favorite political figures believed one thing in the past, and then changed their minds later and endorsed a completely different plan. But surprise, surprise, the biggest culprit is corporate greed and the way the banks and business leaders were able to scam college students and leave them high and dry drowning in debt while funneling millions into the political campaigns of our leaders. Liebenthal provides us with a way out, if we are smart enough to proceed with it.

Burdened: Student Debt and the Making of an American Crisis is currently on sale at your favorite bookstore. #goodreads #harpercollins

[Nick · Rating 5 out of 5]

Great history of how the United States’ student loan crisis got so bad and the Presidents’ and Congress’s role in the Student Loan policy and crisis. Starting at the GI Bill and the attitude that pushed more and more adults to go to school in order to learn new skills to be more effective in the workforce. To the varies changes in that attitude and policy. Furthermore, explaining the role companies like Sallie Mae in the debt of the American Student after pursing their post secondary education. The author makes a compelling argument that the power plays of legislators and presidents, the commodification of higher ed, and the rapacious practices of for-profit colleges and private lenders have created today’s student-debt sinkhole. Liebenthal offers a deeply researched, sweeping history of our inefficient system. Rather than give up on the American System, she explains a way out, offering hopeful answers to this seemingly unsolvable problem.

[Caroline Sim · Rating 3 out of 5]

Informative, depressing and dry AF. Every boomer politicians should read should be forced to read this before they tell us to stop buying avocado toast. I learned a lot of unexpected info from the author’s research - like how the federal education loans were initially structured with the banks, how the GI bill (reintegrating vets) is where it started to gain traction, how racism came into play to shape the laws/loan system we have now.

I had originally thought the “system” is broken because education institutions are for profit and classist (valued on prestige/scarcity) making it a cultural fit trophy that suckers will pay for whatever the sellers charge. I mean, I still think it is a pay-to-win abstract achievement and that will never change. But no, it was actively broken and hindered by gatekeeping racists/misogynist/general haters (inept and out of touch politicians).

[Meenu Johnkutty · Rating 5 out of 5]

Incredibly well-researched with a call to action on student loans that is so timely considering the current administration and the upending of current loan payment structures. A well-educated population clearly benefits the economy, yet students are almost punished to get a good education. The history of US student loans was explored, with special attention to the targeting of for-profit institutions on our minority populations. Interestingly, millions of dollars are spent on education, yet the country lacks a regulatory auditing body? How does that make sense? Will most definitely go back to re-read

[Mary Jo · Rating 4 out of 5]

For anyone who wants the history of student dept in America, this is the book for you. Starting with the GI Bill to present, this author examines laws and motives that lead to our current place regarding schooling and the dept many find themselves in post graduate. This was not on my high interest list, so I did find my mind wondering as I listened on audiobook, but the author was knowledgeable and also impacted by dept, so she does write with a passion. Listening to this book was like reading a history book with dates, presidents, discussions about Congress and other factual statements. I am going to pass this book on to my daughter who loves history.

[Sean Linden · Rating 4 out of 5]

A detailed and accurate story of how student aid legislation has created and cultivated our current student debt crisis. This book was not exactly what I expected, but I was by no means dissatisfied with it.

Although I wish it had gone more in-depth on public universities rather than focusing primarily on for-profit colleges (of which only 10% of postsecondary students attend), this book does an amazing job illustrating how politics and compromises slowly worsened one of the core economic issues of our time.

The writing is fairly opinionated, but even if you disagree with the author’s stance (which I don’t) the information is solid and the reporting is fascinating. Ryann did an excellent job telling the story of student debt and I look forward to following any of her future work.

[Gil · Rating 4 out of 5]

I'm going to admit this upfront: this book was not exactly for me. I felt my eyes glaze over at the dozens of acronyms, the numbers, and the bleakness of it all. But Liebenthal's work is an incredibly important read in understanding why student debt is the way it is and how we got here. It is a bold and angry work, raging at the fact this did not have to be the way students are burdened. It is impactful, insightful, and a necessary read if you wish to truly understand the state of our current higher education and its price problem.

[Pam Mooney · Rating 5 out of 5]

Unfortunately, relatable across all socioeconomic groups. While I knew all these factors exist, I was not aware of the origins or the corruption surrounding this issue. I was only thinking about my own small community, so this book really opened my eyes and then made me mad. Well written and a great resource. A good read.

[SydnieRaeDaile · Rating 4 out of 5]

An absolutely delightful (in the sense of easy to read and well written and researched) and educational book that I feel fortunate to have won in a giveaway, as I never would have picked it up otherwise. You can really tell how much research and effort went into it, and the facts of our higher education system and student loans are appalling. Fires me up more than ever.

[Judy · Rating 3 out of 5]

Well researched and very informative. I learned a lot I did not know about the student loan world. Has a socialist lean. I disagreed with some of the conclusions drawn by the author, but she fully discussed and explained her view and I understand why she came to the conclusions she did. 3 stars because it’s not an objective view.

[Susan Ella · Rating 4 out of 5]

This is slanted to privilege the value of Bachelor level education and to at least somewhat ignore the excesses in public university spending, but Liebenthal is honest about her perspective and the book includes a valuable overview of the history and philosophies that led to the unique student loan catastrophe the US has created.

[Jon · Rating 5 out of 5]

Excellent book to understand how schools, colleges, the government all interact with eachother and to recognize the mess of an education system we truly have with a lot of room for improvement and how student debt is now a norm but shouldnt be due to failed government policy

[Dr G · Rating 5 out of 5]

very informative and interesting

[Bridgette · Rating 5 out of 5]

*Well-written and informative
*Heavily researched with easy to follow guidelines
*Highly recommend