The moral economy of student debt: A pharmacological approach

Abstract

Over the past three decades, student debt has surged in most English-speaking countries. Despite this trend, enrollment at universities has steadily risen, which testifies to the enduring appeal that higher education still exerts on middle-class individuals and families. Nevertheless, the policies responsible for this growing indebtedness have also stirred up their share of controversy. In an attempt to make sense of these debates, this article focuses mainly on the English and American cases to demonstrate how moral arguments have been put forth both in favor of and against using credit to finance education. Because it shows the ambivalent and unstable nature of the normative principles underpinning debt relations, the concept of moral economy is particularly well suited to discuss this phenomenon. On one hand, it explains how certain ethical expectations seemingly justify the need to incur debt for educational pursuits. On the other hand, it also shows why the perceived legitimacy of student debt eventually comes to be challenged. At its core lies an undecidable choice between antinomic values, as the decision to study on credit involves both a striving for personal autonomy and subjecting oneself to an exploitative relation of dependence. Recognizing this fundamental ambivalence, the article develops a ‘pharmacological approach’ to address the issue of student debt, aiming to better grasp the social and political tensions surrounding higher education in neoliberal societies.