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Indentured Students: How Government-Guaranteed Loans Left Generations Drowning in College Debt

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Indentured Students: How Government-Guaranteed Loans Left Generations Drowning in College Debt

4.85 59,824 Ratings
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Editor's Note:
The untold history of how America’s student-loan program turned the pursuit of higher education into a pathway to poverty.It didn’t always take thirty years to pay off the cost of a bachelor’s degree. Elizabeth Tandy Shermer untangles the history that brought us here and discovers that the story of skyrocketing college debt is not merely one of good intentions gone wrong. In fact, the federal student loan program was never supposed to make college affordable.The earliest federal proposals for college affordability sought to replace tuition with taxpayer funding of institutions. But Southern whites feared that lower costs would undermine segregation, Catholic colleges objected to state support of secular institutions, professors worried that federal dollars would come with regulations hindering academic freedom, and elite-university presidents recoiled at the idea of mass higher education. Cold War congressional fights eventually made access more important than affordability. Rather than freeing colleges from their dependence on tuition, the government created a loan instrument that made college accessible in the short term but even costlier in the long term by charging an interest penalty only to needy students. In the mid-1960s, as bankers wavered over the prospect of uncollected debt, Congress backstopped the loans, provoking runaway inflation in college tuition and resulting in immense lender profits.Today 45 million Americans owe more than $1.5 trillion in college debt, with the burdens falling disproportionately on borrowers of color, particularly women. Reformers, meanwhile, have been frustrated by colleges and lenders too rich and powerful to contain. Indentured Students makes clear that these are not unforeseen consequences. The federal student loan system is working as designed.

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Elizabeth Tandy Shermer
The Mind Behind the Work
Elizabeth Tandy Shermer

Elizabeth Tandy Shermer writes contemporary fiction and has always been fascinated by character-driven stories. They hold a degree in English Literature and previously worked as an editor before transitioning to writing their own books. Elizabeth Tandy Shermer lives with their spouse and a very vocal rescue cat.

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Sandra Young
Sandra Young September 28, 2024
"Such a rich narrative. The prose is exquisite. It’s accessible yet undeniably sophisticated. Worth every moment spent reading."
Lisa Lee
Lisa Lee March 18, 2024
"Absolutely brilliant. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An absolute must-read for connoisseurs of the genre."
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Cynthia Rivera
Cynthia Rivera August 21, 2024
"Honestly one of the most premium reading experiences lately. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I will undoubtedly revisit this masterpiece."
Betty Clark
Betty Clark September 30, 2025
"Took a moment to build, but the payoff was spectacular. The protagonist was compelling, though some subplots felt slightly overshadowed. A wonderful companion for a quiet weekend."
Steven Nguyen
Steven Nguyen September 26, 2024
"Not entirely to my refined tastes. Certain acts were fascinating, while others felt like a slight endeavor to complete. Suitable if your reading queue is empty."
Edward Green
Edward Green May 10, 2024
"Such a rich narrative. The author orchestrated a breathtaking finale. Truly a work of art. I am now a lifelong fan of this author."
Steven Lewis
Steven Lewis April 24, 2024
"Such a rich narrative. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. I am now a lifelong fan of this author."
Sandra Martinez
Sandra Martinez December 15, 2024
"A profoundly satisfying read. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I am now a lifelong fan of this author."
John Torres
John Torres November 20, 2025
"Such a rich narrative. I became deeply invested in the protagonist's journey. A masterclass in storytelling. Worth every moment spent reading."
Daniel Lewis
Daniel Lewis May 06, 2024
"Not entirely to my refined tastes. The tempo was somewhat languid, and I found my mind wandering. Not poor, simply average. Suitable if your reading queue is empty."
Thomas Robinson
Thomas Robinson June 03, 2025
"A profoundly satisfying read. The prose is exquisite. It’s accessible yet undeniably sophisticated. An absolute must-read for connoisseurs of the genre."
Michael Edwards
Michael Edwards May 02, 2024
"Absolutely brilliant. I adored how the story unfolded. It kept me captivated without sacrificing elegance. Worth every moment spent reading."
George Moore
George Moore January 26, 2024
"Exceeded all my expectations. The author orchestrated a breathtaking finale. Truly a work of art. An effortless 5 stars."
Jessica Walker
Jessica Walker May 15, 2025
"Excellent, though slightly flawed. It held my rapt attention, even when certain twists were telegraphed. A very distinguished novel."
Dorothy Miller
Dorothy Miller October 28, 2025
"A decent, if standard, experience. The prose was competent, yet the characters lacked the depth I usually seek. Unlikely to reread, but a reasonable expenditure of time."
George Moore
George Moore April 30, 2025
"It was adequate. It verged on repetitive in the second act. A more concise edit would have served it well. Unlikely to reread, but a reasonable expenditure of time."
Rebecca  Davis
Rebecca Davis October 31, 2025
"Such a rich narrative. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An absolute must-read for connoisseurs of the genre."
Jennifer Harris
Jennifer Harris May 31, 2024
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Lisa Harris
Lisa Harris July 24, 2025
"Such a rich narrative. The author orchestrated a breathtaking finale. Truly a work of art. A true literary gem."
Gary Phillips
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"Absolutely brilliant. The author orchestrated a breathtaking finale. Truly a work of art. Worth every moment spent reading."
Sarah Jones
Sarah Jones April 26, 2024
"Exceeded all my expectations. I became deeply invested in the protagonist's journey. A masterclass in storytelling. A true literary gem."
Elizabeth Smith
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"Absolutely brilliant. The author orchestrated a breathtaking finale. Truly a work of art. An effortless 5 stars."
Joseph Evans
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"Such a rich narrative. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. I will undoubtedly revisit this masterpiece."
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"Absolutely brilliant. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. Worth every moment spent reading."
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"Absolutely brilliant. The author orchestrated a breathtaking finale. Truly a work of art. I am now a lifelong fan of this author."
Ashley Hill
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"Masterpiece from start to finish. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I will undoubtedly revisit this masterpiece."
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Barbara Mitchell
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"Absolutely brilliant. I adored how the story unfolded. It kept me captivated without sacrificing elegance. A true literary gem."
Susan  Davis
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"Masterpiece from start to finish. I became deeply invested in the protagonist's journey. A masterclass in storytelling. Worth every moment spent reading."
Joshua Rivera
Joshua Rivera May 19, 2024
"A very strong entry. The middle had a deliberate pace, but the climax was phenomenal. A wonderful companion for a quiet weekend."
Emily Mitchell
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"A profoundly satisfying read. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An absolute must-read for connoisseurs of the genre."
Margaret Clark
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"I thoroughly enjoyed the elegance of it. A brilliant concept executed with flair. Just a few pacing choices I would change. I would highly recommend this to discerning readers."
Laura Reyes
Laura Reyes June 14, 2025
"A profoundly satisfying read. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I will undoubtedly revisit this masterpiece."
Sandra Johnson
Sandra Johnson September 18, 2024
"Honestly one of the most premium reading experiences lately. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An absolute must-read for connoisseurs of the genre."
Charles Miller
Charles Miller April 25, 2024
"Masterpiece from start to finish. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An effortless 5 stars."
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Nicholas Cruz
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"Absolutely brilliant. The prose is exquisite. It’s accessible yet undeniably sophisticated. A true literary gem."
Ashley Hill
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"Excellent, though slightly flawed. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. A wonderful companion for a quiet weekend."
Kimberly Campbell
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"Masterpiece from start to finish. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An effortless 5 stars."
Amanda Hernandez
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"I was completely blown away. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An absolute must-read for connoisseurs of the genre."
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"Masterpiece from start to finish. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An effortless 5 stars."
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Cynthia Harris
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"I was completely blown away. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An absolute must-read for connoisseurs of the genre."
Michelle Taylor
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"Masterpiece from start to finish. The prose is exquisite. It’s accessible yet undeniably sophisticated. A true literary gem."
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"I was completely blown away. The author orchestrated a breathtaking finale. Truly a work of art. I will undoubtedly revisit this masterpiece."
Betty Baker
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"Absolutely brilliant. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. Worth every moment spent reading."
Margaret Robinson
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"A highly sophisticated read. The middle had a deliberate pace, but the climax was phenomenal. A solid 4 stars from me."
John Brown
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"I thoroughly enjoyed the elegance of it. The middle had a deliberate pace, but the climax was phenomenal. I would highly recommend this to discerning readers."
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"Absolutely brilliant. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An effortless 5 stars."
Sarah Jones
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Andrew Roberts
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"I was completely blown away. The author orchestrated a breathtaking finale. Truly a work of art. An absolute must-read for connoisseurs of the genre."
Eric Green
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"A profoundly satisfying read. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An effortless 5 stars."
Lisa Lee
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"Honestly one of the most premium reading experiences lately. The prose is exquisite. It’s accessible yet undeniably sophisticated. An absolute must-read for connoisseurs of the genre."
Steven Collins
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Margaret Gomez
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"I was completely blown away. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I will undoubtedly revisit this masterpiece."
Joshua Adams
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Emily Rivera
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"A highly sophisticated read. The protagonist was compelling, though some subplots felt slightly overshadowed. Quite impressive overall."
Edward Edwards
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"Such a rich narrative. The author orchestrated a breathtaking finale. Truly a work of art. An absolute must-read for connoisseurs of the genre."
Charles Diaz
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"Exceeded all my expectations. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An effortless 5 stars."
Paul Robinson
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"Absolutely brilliant. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. An effortless 5 stars."
Michelle Sanchez
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"Exceeded all my expectations. The author orchestrated a breathtaking finale. Truly a work of art. An absolute must-read for connoisseurs of the genre."
John King
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"Such a rich narrative. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. I am now a lifelong fan of this author."
Eric Lee
Eric Lee August 16, 2025
"An acceptable diversion. It possessed moments of brilliance, but the narrative felt slightly disjointed ultimately. Perhaps more aligned with a different audience's tastes."
Anthony Martinez
Anthony Martinez May 15, 2025
"Exceeded all my expectations. The prose is exquisite. It’s accessible yet undeniably sophisticated. A true literary gem."
Joshua Roberts
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"Exceeded all my expectations. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I am now a lifelong fan of this author."
Karen Flores
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"A very strong entry. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. A very distinguished novel."
Susan Thompson
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"Honestly one of the most premium reading experiences lately. I became deeply invested in the protagonist's journey. A masterclass in storytelling. I am now a lifelong fan of this author."
Nancy Clark
Nancy Clark March 27, 2025
"I thoroughly enjoyed the elegance of it. It held my rapt attention, even when certain twists were telegraphed. A very distinguished novel."
Susan Thompson
Susan Thompson September 11, 2024
"I thoroughly enjoyed the elegance of it. The middle had a deliberate pace, but the climax was phenomenal. A very distinguished novel."
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"Excellent, though slightly flawed. The protagonist was compelling, though some subplots felt slightly overshadowed. I would highly recommend this to discerning readers."
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"I find myself somewhat conflicted. Certain acts were fascinating, while others felt like a slight endeavor to complete. Unlikely to reread, but a reasonable expenditure of time."
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"Exceeded all my expectations. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. An absolute must-read for connoisseurs of the genre."
Susan  Davis
Susan Davis January 03, 2025
"Exceeded all my expectations. The prose is exquisite. It’s accessible yet undeniably sophisticated. An effortless 5 stars."
Matthew Collins
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"Masterpiece from start to finish. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An absolute must-read for connoisseurs of the genre."
Dorothy Wilson
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"A decent, if standard, experience. It possessed moments of brilliance, but the narrative felt slightly disjointed ultimately. Unlikely to reread, but a reasonable expenditure of time."
Edward Allen
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"I was completely blown away. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An effortless 5 stars."
Jennifer Hill
Jennifer Hill March 19, 2025
"I thoroughly enjoyed the elegance of it. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. Quite impressive overall."
Thomas Wilson
Thomas Wilson April 29, 2025
"Masterpiece from start to finish. I adored how the story unfolded. It kept me captivated without sacrificing elegance. A true literary gem."
Charles Miller
Charles Miller March 24, 2024
"A highly sophisticated read. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. A very distinguished novel."
Joseph Walker
Joseph Walker June 11, 2025
"I was completely blown away. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I will undoubtedly revisit this masterpiece."
Christopher Jackson
Christopher Jackson January 25, 2024
"A very strong entry. It held my rapt attention, even when certain twists were telegraphed. A wonderful companion for a quiet weekend."
Lisa Taylor
Lisa Taylor November 18, 2025
"Absolutely brilliant. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. A true literary gem."
Sarah Walker
Sarah Walker September 08, 2024
"Took a moment to build, but the payoff was spectacular. The middle had a deliberate pace, but the climax was phenomenal. I would highly recommend this to discerning readers."
Matthew Martinez
Matthew Martinez May 07, 2024
"Exceeded all my expectations. The prose is exquisite. It’s accessible yet undeniably sophisticated. I am now a lifelong fan of this author."
Patricia Diaz
Patricia Diaz February 14, 2025
"Masterpiece from start to finish. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I will undoubtedly revisit this masterpiece."
Carol Cruz
Carol Cruz March 20, 2024
"I was completely blown away. The prose is exquisite. It’s accessible yet undeniably sophisticated. I will undoubtedly revisit this masterpiece."
Carol Mitchell
Carol Mitchell February 24, 2025
"I find myself somewhat conflicted. It verged on repetitive in the second act. A more concise edit would have served it well. Suitable if your reading queue is empty."
Andrew White
Andrew White October 16, 2025
"Such a rich narrative. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An effortless 5 stars."
Patricia Perez
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"A very strong entry. The protagonist was compelling, though some subplots felt slightly overshadowed. I would highly recommend this to discerning readers."
Barbara Scott
Barbara Scott August 30, 2025
"Honestly one of the most premium reading experiences lately. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I am now a lifelong fan of this author."
Mark Jones
Mark Jones February 29, 2024
"Absolutely brilliant. The prose is exquisite. It’s accessible yet undeniably sophisticated. An absolute must-read for connoisseurs of the genre."
Amanda Jones
Amanda Jones May 05, 2025
"A profoundly satisfying read. I became deeply invested in the protagonist's journey. A masterclass in storytelling. An effortless 5 stars."
Christopher Lee
Christopher Lee April 23, 2024
"I was completely blown away. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I will undoubtedly revisit this masterpiece."
Eric Lee
Eric Lee November 24, 2025
"A profoundly satisfying read. The author orchestrated a breathtaking finale. Truly a work of art. An effortless 5 stars."
Joseph King
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"A very strong entry. The protagonist was compelling, though some subplots felt slightly overshadowed. A wonderful companion for a quiet weekend."
Christopher Jackson
Christopher Jackson November 09, 2024
"Excellent, though slightly flawed. It held my rapt attention, even when certain twists were telegraphed. I would highly recommend this to discerning readers."
Matthew Martinez
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"I thoroughly enjoyed the elegance of it. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. I would highly recommend this to discerning readers."
Richard Wright
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"Exceeded all my expectations. The author orchestrated a breathtaking finale. Truly a work of art. I will undoubtedly revisit this masterpiece."
Sarah King
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"A decent, if standard, experience. Certain acts were fascinating, while others felt like a slight endeavor to complete. Suitable if your reading queue is empty."
Lisa Lee
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"Excellent, though slightly flawed. The protagonist was compelling, though some subplots felt slightly overshadowed. Quite impressive overall."
Christopher Torres
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"Honestly one of the most premium reading experiences lately. I became deeply invested in the protagonist's journey. A masterclass in storytelling. Worth every moment spent reading."
Steven Rivera
Steven Rivera April 27, 2024
"I was completely blown away. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I will undoubtedly revisit this masterpiece."
Emily Thompson
Emily Thompson December 31, 2024
"Such a rich narrative. The author orchestrated a breathtaking finale. Truly a work of art. A true literary gem."
Amanda Perez
Amanda Perez June 09, 2025
"Exceeded all my expectations. The author orchestrated a breathtaking finale. Truly a work of art. I am now a lifelong fan of this author."
Thomas Wilson
Thomas Wilson March 02, 2024
"Honestly one of the most premium reading experiences lately. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An absolute must-read for connoisseurs of the genre."
Steven Hill
Steven Hill April 26, 2025
"Took a moment to build, but the payoff was spectacular. It held my rapt attention, even when certain twists were telegraphed. A wonderful companion for a quiet weekend."
Joseph Evans
Joseph Evans July 20, 2024
"Took a moment to build, but the payoff was spectacular. It held my rapt attention, even when certain twists were telegraphed. A very distinguished novel."
Andrew Carter
Andrew Carter September 05, 2025
"A very strong entry. It held my rapt attention, even when certain twists were telegraphed. Quite impressive overall."
Andrew Lee
Andrew Lee July 18, 2025
"Exceeded all my expectations. The author orchestrated a breathtaking finale. Truly a work of art. A true literary gem."
Dorothy Green
Dorothy Green January 28, 2024
"I was completely blown away. I adored how the story unfolded. It kept me captivated without sacrificing elegance. Worth every moment spent reading."
Kevin Diaz
Kevin Diaz April 28, 2025
"Absolutely brilliant. The pacing was impeccable and the characters felt incredibly authentic. I was completely immersed. I will undoubtedly revisit this masterpiece."
Carol Turner
Carol Turner June 23, 2025
"I was completely blown away. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. I am now a lifelong fan of this author."
Sharon Nguyen
Sharon Nguyen January 28, 2024
"A decent, if standard, experience. It verged on repetitive in the second act. A more concise edit would have served it well. Perhaps more aligned with a different audience's tastes."
Gary Roberts
Gary Roberts April 03, 2024
"A highly sophisticated read. The middle had a deliberate pace, but the climax was phenomenal. A solid 4 stars from me."
Donna Smith
Donna Smith February 25, 2024
"A profoundly satisfying read. The author orchestrated a breathtaking finale. Truly a work of art. I will undoubtedly revisit this masterpiece."
Sandra Johnson
Sandra Johnson July 16, 2025
"A highly sophisticated read. It held my rapt attention, even when certain twists were telegraphed. A wonderful companion for a quiet weekend."
Elizabeth Nguyen
Elizabeth Nguyen September 25, 2024
"Honestly one of the most premium reading experiences lately. The prose is exquisite. It’s accessible yet undeniably sophisticated. A true literary gem."
Kimberly Williams
Kimberly Williams September 15, 2024
"Masterpiece from start to finish. The prose is exquisite. It’s accessible yet undeniably sophisticated. An effortless 5 stars."
Margaret Reyes
Margaret Reyes October 18, 2025
"Honestly one of the most premium reading experiences lately. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. A true literary gem."
Carol Rodriguez
Carol Rodriguez May 28, 2024
"Masterpiece from start to finish. I adored how the story unfolded. It kept me captivated without sacrificing elegance. An effortless 5 stars."
Rebecca Smith
Rebecca Smith September 02, 2024
"Took a moment to build, but the payoff was spectacular. The protagonist was compelling, though some subplots felt slightly overshadowed. A very distinguished novel."
Nicholas Robinson
Nicholas Robinson February 09, 2024
"It was adequate. Certain acts were fascinating, while others felt like a slight endeavor to complete. Perfectly average."
Barbara Moore
Barbara Moore September 08, 2025
"Exceeded all my expectations. The prose is exquisite. It’s accessible yet undeniably sophisticated. A true literary gem."
Jennifer Diaz
Jennifer Diaz January 12, 2024
"Took a moment to build, but the payoff was spectacular. The protagonist was compelling, though some subplots felt slightly overshadowed. Quite impressive overall."
Gary Phillips
Gary Phillips October 06, 2024
"I was completely blown away. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. Worth every moment spent reading."
George Campbell
George Campbell April 03, 2024
"Exceeded all my expectations. The prose is exquisite. It’s accessible yet undeniably sophisticated. An effortless 5 stars."
Sharon Martinez
Sharon Martinez September 30, 2024
"I find myself somewhat conflicted. The tempo was somewhat languid, and I found my mind wandering. Not poor, simply average. Unlikely to reread, but a reasonable expenditure of time."
Melissa Mitchell
Melissa Mitchell June 28, 2025
"Took a moment to build, but the payoff was spectacular. The middle had a deliberate pace, but the climax was phenomenal. I would highly recommend this to discerning readers."
Emily Diaz
Emily Diaz January 18, 2024
"I thoroughly enjoyed the elegance of it. Beautiful writing, though I craved slightly more depth in the lore. Still, undeniably engaging. Quite impressive overall."
Patricia Gomez
Patricia Gomez May 18, 2025
"Took a moment to build, but the payoff was spectacular. It held my rapt attention, even when certain twists were telegraphed. Quite impressive overall."
Sandra Perez
Sandra Perez June 14, 2024
"I was completely blown away. I adored how the story unfolded. It kept me captivated without sacrificing elegance. I will undoubtedly revisit this masterpiece."
Donna Smith
Donna Smith July 17, 2024
"I was completely blown away. The prose is exquisite. It’s accessible yet undeniably sophisticated. I will undoubtedly revisit this masterpiece."
Carol Turner
Carol Turner December 26, 2024
"Took a moment to build, but the payoff was spectacular. A brilliant concept executed with flair. Just a few pacing choices I would change. A wonderful companion for a quiet weekend."
Karen Wilson
Karen Wilson May 17, 2024
"I was completely blown away. It strikes a perfect harmony of dialogue and world-building. Every chapter felt necessary. Worth every moment spent reading."
Deborah Lewis
Deborah Lewis May 22, 2025
"Such a rich narrative. I became deeply invested in the protagonist's journey. A masterclass in storytelling. A true literary gem."
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