Modern American college students are some of the most fortunate people ever to inhabit the earth. Why should we feel sorry for them? Because they’re saddled with “the most oppressive debt in U.S. history,” argues Alan Michael Collinge in his new book, The Student Loan Scam. This is, of course, quite false: The most oppressive debts in U.S. history probably occurred when this country had debtors’ prisons. Unfortunately, Collinge is filled with such unjustified indignation. He makes a big deal about high interest rates on private (non-federally guaranteed) loans, as if students aren’t given that information when they sign up....
