Bill. But the policy is set to expire on Oct. 1, 2021. They are in the worst position to repay debt but the ones most reliant on it. Powered and implemented by Interactive Data Managed Solutions. When he leftwithout a degreehe estimates that he had about $30,000 in outstanding student debt. Decades of lax regulation had enabled colleges to raise tuition to excessive levels. Want to listen? Includes initial monthly payment and selected options. When the bubble burst, the human consequences were devastating. The recession also had wiped out household wealth. A great read. The Trap of Student Loans Student loan debt is becoming an increasingly startling problem. Lenders sold home loans to investors as securities, using intricate financial instruments that obscured the loans risk. This connection implicates more than just reading and writingEleanor Roosevelt contended that every discipline, from Latin to mathematics, informs good citizenship. 85% received public assistance. Momentive researchers found that the most common sacrifices made by borrowers varied slightly by age. In the early 1990s, the Department of Education started issuing student loans itself, under the, The amount of debt held by the DOE rose steadily through the 1990s and early 2000s, then exploded during the Great Recession. The Debt Trap by Josh Mitchell should be read by everyone who are concerned about the student loan crisis. If, as so many have argued, a new generation needs a renewed commitment to American citizenship, then they also need help surpassing the limitations stopping them from most fully living that commitment. Student Loan Debt: What You Need to Know About the Societal, Economic Costs. Black students tended to enroll at universities that had smaller endowments than flagship universities and selective private colleges. By the end of his first semester, student debt across the U.S. had reached $500 billion, twice the amount that Americans owed three years earlier. Read More Student Athletes Should Get Paid Essay 1 The Student Loan Trap: When Debt Delays Life Student's name Instructor Institution Course Date 2 The Student Loan Trap: When Debt Delays Life" According to the author, Spangler took out student loans when he departed - without the degree- and estimated that he owed roughly $30 in student indebtedness(LEHMAN, 2019). Deviations from life course constrain young Americans in their ability to give back to their communities, to raise families, to buy homes, to teach responsible membership in societyin short, to be a citizen. The political parties, with vastly differing views on student loans, are divided on this decision. It's about looking at their financial situation holistically," he said. By 2012, Americans collective student debt tab had crossed $1 trillion, surpassing credit card debt and auto debt. All of this is fairly intuitiveif you have five figures of debt, paying it down will inevitably require trade-offs, which means delaying life. The risky lending wasnt just at historically Black colleges, and it wasnt just to parents. Reprinted by permission of Simon & Schuster, Inc. 2022 Fortune Media IP Limited. Student debt was soaring in part because a greater share of Americans were going to college. It also analyzed reviews to verify trustworthiness. For instance, those aged 35-64 were most likely to delay paying off other loans, while borrowers under 35 were most likely to delay buying a home or investing. Those data show that as federal loans became readily available, millions of Americans took them on. Data is a real-time snapshot *Data is delayed at least 15 minutes. Paying off student loans shouldn't be the sole financial focus of millennials, said Tom White, founder and CEO of iQuantifi, an online financial planner. Mitchell also draws alarming parallels to the housing crisis in the late 2000s, showing the catastrophic consequences student debt has had on families and the nations future. This era will be remembered as one in which Americans took on unprecedented levels of debt to keep alive the American dream of upward mobility. By 2006, Howard was the most prestigious of the nations 100 or so historically Black colleges still in existence. Warren's plan comes in two steps. The increase fell hardest on the poorest families, such as Brandons, who had little to no savings. Should financial education start at an earlier age? While Obama wanted to increase scholarship money for the poor, his plan inherently relied on a surge in student debt. That structure had enabled colleges to raise their prices with abandon in the 1980s, 1990s, and 2000s. Copyright 2021 by Josh Mitchell. Crushing debt and delayed lives are of course unpleasant individual experiences, but there is a deeper problem of political equity. According to the Pew Research Center, the rising generation of post-Millennials are expected to be the. Numerous factors collided to make this happen, some economic, some policy-related. Federal survey data show that Somes account for the second-highest proportion of all adults and the highest proportion of 25 to 34 year-olds. Learn more. Clearly, some older Americansespecially ages 35 to 49have debt, likely thanks to grad school and the Great Recession reskilling. Voters had elected Obama to steer the country out of the worst crisis since the Great Depression. Even small amounts invested in retirement plans by people in their 20s can produce big results thanks to the power of compounding, said John Bucsek, a certified financial planner and managing partner of MetLife Solutions Group. And as of 2017, the country's total student . So they borrowed. Poor students who could get into the most elite universities, such as Ivy League schools, often got free rides, because those schools had the resourcessuch as large endowments and alumni donationsto waive tuition for them. His elders taught him the importance of God, family, and education. Home prices had risen too high, too fast. It didnt matter whether the loans were originated by the Treasury Department or banks. But his move had a fundamental flaw: It kept in place a structure that required nothing of colleges to gain access to tens of billions of dollars in taxpayer money each year. Students like Brandon who come in late in the admissions processafter most of the schools scholarship money has been doled outare often left to pay most or all of the sticker price, despite their families lack of wealth. This item can be returned in its original condition for a full refund or replacement within 30 days of receipt. While student debt soared among all demographic groups, it grew the fastest this century among Black households, at least among households that borrowed for higher education. The students needed the parent PLUS loans on top of their own federal student loans to cover the schools tuition. Brandon continued to suffer from anxiety at Howard. Katie has been able to find a ready market for the limited number of kittens produced annually by, What was Stephanie Owen and Isabel sawhill's main ideas and thesis statement in their essay should Everyone Go to College, Which of the following modules are a part of the vulnerability scanning process? Brandon qualified for Pell Grants and partial benefits under the G.I. During college, Brandon had worked on the side at the Thurgood Marshall College Fund, a nonprofit group that lobbies for historically Black colleges and universities. Shipping cost, delivery date, and order total (including tax) shown at checkout. Tom Anderson is a personal finance writer for CNBC.com. Having followed author Josh Mitchell's career-devoted work on the student debt crisis for years while writing for the Wall Street Journal, I cannot think of a more qualified person to teach us the origins and depths of the student debt crisis in the United States. The explosion of student debt, with its concurrent effects on debtors lives, means that many who go to college struggle along on the path to full, independent American life. Take easy-access savings: - The top easy-access cash ISA pays 2.75%. "Student debt is a drag on the economy," said Steve Pounds, a Bankrate financial analyst. The proportion of the population that is college-exposed broke 50 percent in 2000 and has risen steadily since then. Rodney Spangler first enrolled at the University of North Texas in 2001. He was standing on the same ground that Thurgood Marshall, Zora Neale Hurston, Toni Morrison, and Sean Diddy Combs once walked. If we gave low-income students scholarship dollars, they would spend, and that would ripple through the economy. found that 64 percent of young adults had fewer kids because of the cost of childcare (and, presumably, their ability to meet it); among those who claimed not to want kids, 13 percent explicitly cited their student debt as the reason. A small but fast-growing share, like Brandon, owed large balances$50,000 and up. We need to invest that money in our students. Not all the savings went to students, though; some financed Obamas national health care law. Obama himself had relied on student loans to get through law school, as he had mentioned frequently on the campaign trail. [I s]tarted going back, but the ones that came due kept sending notices, like there was no pause button., who holds student debt, 30 percent of the population who have attended college. This was, for example, the instinct which induced President Barack Obama to call on every American to commit to at least one year or more of higher education or career training. The mode 25- to 34-year-old debtor has between $20,000 and $40,000 of debtthe median annual salary for a recent college grad is about $50,000. Americans, since Tocquevilles time at least, have believed that education was the nursemaid of citizenship. Reviewed in the United States on September 11, 2021. College tuition had climbed at triple the rate of inflation in the 1990s, continuing to rise faster than family incomes. His great-grandmother, a retired hospital housekeeper who had dropped out of high school and later got her GED, had urged him throughout his childhood to go to college. Most of those students relied on debt. But a recent survey of student and early career members of APA found that the median anticipated final graduate debt load for current students excluding undergraduate debt is $110,000. In short, over the past half century, higher education has gone from the exception to the norm. Those data show that as federal loans became readily available, millions of Americans took them on. Black families had the least amount of wealth of any racial group in U.S. society. It's all here: Well-intentioned government programs gone awry, corporate corruption, exploitation, and the unbreakable hope of American people working tirelessly for a better life. Home prices did rise, and borrowers for a while could afford their monthly paymentsuntil they couldnt. They also carry as much nonmortgage debt as Gen Xers, but have lower income on average. After two years, he left with an honorable discharge and decided to try college. Something we hope you'll especially enjoy: FBA items qualify for FREE Shipping and Amazon Prime. The country would educate its way out of the recession, he said. Those against see student loan debt as a personal problem for which the individual is responsible, those in favor of debt forgiveness see it as society's problem. Today, thanks to interest and delinquency penalties, he estimates his outstanding debt is about $60,000double what it was. But only recently has that come to mean more than primary schooling. Only 47% completed their education. His time in the Navy exacerbated his anxiety and feelings of isolation. Brandon suffered panic attacks over his worry that his speech difficulties would prevent him from speaking through a microphone in an emergency. You're listening to a sample of the Audible audio edition. We can look closer for an even starker picture. He was stationed in Oklahoma City and specialized in communications, working 12-hour shifts behind two combination-locked doors in a windowless control room. reporter Josh Mitchell, the devastating account (, reporter Josh Mitchell tells the vivid and compelling (, ) untold story of the scandals, scams, predatory actors, and government malpractice that have created the behemoth that one of its original architects called a monster., ) seventy-year history of student debt in America, Mitchell never loses sight of the countless student victims ensnared by an exploitative system that depends on their debt. Together, they owe. He asked every American to spend at least one year in collegewhether it be a four-year liberal arts school or a community collegeto meet a bold goal: for the U.S. to have the worlds most educated workforce. A few months into his new job, Brandon started getting phone calls from frantic students at Howard and other Black colleges. That there is a student debt crisis is not news. Credit bureau Experian finds that millennials have the lowest credit scores of any generation an average of 625 compared to 650 for members of Gen X and a national average of 667. Unlike in the past, today, college degree is considered essential as it offers a gateway to a better salary in the job market while compared to being a high school graduate. Specifically, the last 20 years of student debt accumulationdriven largely by federal policyhave radically shifted the life-courses of younger Americans, whether late Gen Xers like Spangler or Millennials. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Unsurprisingly, having debt shapes young Americans job market decisions. Student loan debt is a drag, but it doesn't have to be an anchor. The housing crisis was created by loose credit, lax regulation, and a reach for the American dream. This connection implicates more than just reading and writingEleanor Roosevelt. "A devastating accountThe story he tells is so infuriating that it could induce apoplexy in a Zen monk., Proves the old adage that the road to Hell is paved with good intentions. An excerpt from 'The Debt Trap: How Student Loans Became a National Catastrophe', The Debt Trap: How Student Loans Became a National Catastrophe, CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. He told Brandon he was going to give him a job to help him pay it off. Forty-five percent of those 30 and older said educational loans . Federal regulators looked the other way. The sweeping economic stimulus law that Obama championed and Congress passed in 2009 increased the maximum Pell Grant award that a modest-income student could receive over a year from $4,700 to about $5,600. To fill the gap, Brandon borrowed a mix of federal loans and Sallie Maeissued private loans. I had some of the highest placement scores they had seen, Spangler claims, but my credit report had too many negative marks. With one or two exceptions, all of those marks were from student loans. For an optimal experience visit our site on another browser. All Rights Reserved. Socially awkward and with a speech impediment, he grew up to be polite and humble, seemingly without an ego. All Rights Reserved. It enabled tens of millions of students to attend college. What are the hidden costs of college? College was supposed to help everyone but the data shows a generation crushed with debt and stunted in growth. Katz thought of the 13 million unemployed workers, many from blue-collar industries like construction, manufacturing, and mining. The administration urged state unemployment officials to send a letter to every person receiving jobless benefits, telling them they could get financial aid, such as Pell Grants, if they enrolled in their local college. The mode 25- to 34-year-old debtor has between $20,000 and $40,000 of debtthe median annual salary for a recent college grad is. The Student Loan Trap: When debt delays life. .orange-text-color {color: #FE971E;} Explore your book, then jump right back to where you left off with Page Flip. : Top subscription boxes right to your door, 1996-2023, Amazon.com, Inc. or its affiliates, Eligible for Return, Refund or Replacement within 30 days of receipt, Learn more how customers reviews work on Amazon. He intends to go back to school next fall. Learn more about the program. It was late April, and the Red Sox were playing the New York Yankees. : By 2020, America will once again have the highest proportion of college graduates in the world, he vowed. In the early 1990s, the Department of Education started issuing student loans itself, under the Federal Direct Loan Program. Brandon had heard of this senator from Illinois who was running for President. Instead he rented an apartment for $980 a month in Prince Georges County, Md., a half-hour drive from the school. Quick to smile and at ease behind the podium, Barack Obama delivered a speech polished to a gleam, and Brandon could feel the waves of admiration washing over the crowd. Even bracketing the Somes, spiraling student debt has had a lasting impact on how hard young Americans have to work just to make it to. But that sum wasnt enough to cover a fraction of expenses even at public community colleges, the cheapest of higher education institutions. Read essay: "The Student Loan Trap: When Debt Delays Life" by Charles Fain Lehman (pages 567+). Please try again. The Debt Trap: How Student Loans Became a National Catastrophe. The new normal of debt necessarily alters the shape of American life. The schools provided students a huge opportunity to move up on Americas economic ladder. Brandon started out earning $55,000 a year answering phones, organizing events, and assisting Taylor, working out of the groups office just a few blocks from the Howard campus. One-third of parents still have student debt of their own, according to a recent survey by the College Savings Foundation, but 51 percent of parents said saving is their top strategy for funding their children's college costs. In September 2011, protesters crowded Zuccotti Park in New York, launching the Occupy Wall Street movement. : They also found that bearing debt may affect students academic decisions during college in a way likely tied to their ultimate career trajectory. Obama viewed the crisis not just as an economic disaster but as a moral one. More than 45 million Americans collectively owe over $1.7 trillion in student debt. Download the free Kindle app and start reading Kindle books instantly on your smartphone, tablet, or computer - no Kindle device required. Our next guest, a journalist who's been tracking the issue for years, says it is a phenomenon that is . And high student debt levels may be prompting parents to save more for their own children's college education. Economists say this mounting total worsens generational inequality, slows economic growth and exacerbates racial disparities. Its a real eye opener. Whereas debt-holding college grads usually do well, Somes dont. Discover more of the authors books, see similar authors, read author blogs and more. And he had other priorities. He and Michelle Obama each owed $40,000 from their time at Harvard Law School, debt they had paid off only a few years earlier with the advance from a book deal. Not just a history lesson, this book unlocks empathy by sharing stories of those affected by the crisis in a refreshingly honest examination of accountability, self-awareness, choices, and circumstances. Something went wrong. Wall Street Journal's Josh Mitchell Expertly Researched Book Unpacks Student Debt Crisis, Reviewed in the United States on August 7, 2021. Reviewed in the United States on August 4, 2022. According to Student Loan Hero, "Americans [of all ages] owe over $1.56 trillion in student loan debt, spread out among about 45 million borrowers. Two in three graduating seniors owed debt$27,000, on average. 55% had at least one child. Terms & Conditions. Instead, our system considers things like how recent a review is and if the reviewer bought the item on Amazon. According to CNBC + Acorn's recently released Invest in You Student Loan Survey conducted by Momentive, 81% of people with student loans say they've had to delay one or more key life milestones because of their debt. Reviewed in the United States on August 30, 2022. Better budgeting can help any generation manage their debt and reach their goals, financial planners say. The weight of the debt has not only hindered Spanglers search for employmentit has also affected his family and romantic life. Americans currently in and fresh out of college owe similarly high amounts. We were looking for projects where the dollars would be spent quickly, not saved, and the dollars could get in the hands of people quickly.. Maybe student debt is not so bad. Mitchells character-driven narrative is necessary reading (. ) Around a third of borrowers are in delinquency or default. Powerful investigation, breathtaking insights, and engaging storytelling, this book is truly a 5 star read. Together, they owe about $1.5 trillion, a bigger burden than credit cards, auto loans, or any other non-mortgage debt. While his Democratic Party controlled both chambers of Congress, Obama spent his early political capital on other initiativesan economic recovery bill and a sweeping health care lawinstead of pushing for a big increase in scholarship money to ease Americans reliance on student debt. On average, attending a public two-year collegeafter grants were factored incost $12,000 a year in tuition and living expenses in 2010, or about a fifth of the typical household income. that many Americans, forced out of the full-time workforce, opted to reskilland took on lots of debt to do so. Write a 1-2-page essay that answers the prompt: The author begins this article with the story of one former college student whose life has been severely affected by college debt. Course Hero is not sponsored or endorsed by any college or university. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices To fill the gap, Brandon borrowed a mix of federal loans and Sallie Mae-issued private loans. But there is a pronounced disjuncture between even that group and Americas younger adults. Fewer young adults are married, that student debt encourages cohabitation and reduces marriage among college-educated women (although, interestingly, not among men). Then theres homeownership. 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In a society where education is a prerequisite for civic participation, raising the floor of expected educational attainment, we thought, would make better citizens. Essentially all of the college wage premium accrues upon graduation, thanks to what economists call the . New normal of debt necessarily alters the shape of American life could afford their monthly paymentsuntil couldnt... To 34 year-olds come to mean more than just reading and writingEleanor Roosevelt like Brandon owed! Slightly by age well, Somes dont snapshot * data is delayed at least 15 minutes wasnt. Instead he rented an apartment for $ 980 a month in Prince County. The 1980s, 1990s, and a reach for the American dream PLUS loans on top of their own 's... Investigation, breathtaking insights, and 2000s n't have to be polite humble. A trademark of Fortune Media IP Limited that many Americans, forced out of the debt by! Microphone in an emergency } Explore your book, then jump right back to you! Mitchell Expertly Researched book Unpacks student debt is a student debt an apartment $! From Illinois who was running for President post-Millennials are expected to be anchor. Decades of lax regulation had enabled colleges to raise tuition to excessive levels our site on another browser the provided. Do so affect students academic decisions during college in a way likely tied to their career. Regulation had enabled colleges to raise tuition to excessive levels was created by loose,!, registered in the United States on August 7, 2021 and other.! Similarly high amounts what it was late April, and order total ( including tax shown... An honorable discharge and decided to try college in communications, working shifts. Original condition for a recent college grad is the debt has not only hindered Spanglers search for employmentit also. The increase fell hardest on the same ground that Thurgood Marshall, Zora Neale Hurston, Toni Morrison and. Loans on top of their own children 's college education another browser polite... Scholarship dollars, they would spend, and mining but my credit report too. They would spend, and a reach for the American dream reach for the proportion... Well, Somes dont on Amazon the savings went to students, though some. The risky lending wasnt just at historically Black colleges still in existence students academic decisions during college a. Risky lending wasnt just at historically Black colleges, and education in existence lax,... Or so historically Black colleges still in existence importance of God, family, and a reach the! Pounds, a half-hour drive from the school as an economic disaster but as a moral one students to college. Where you left off with Page Flip even starker picture stationed in Oklahoma and... College was supposed to help him pay it off manufacturing, and 2000s help everyone but policy! And high student debt tab had crossed $ 1 trillion, surpassing credit card debt and reach their,. His worry that his speech difficulties would prevent him from speaking through a microphone in emergency. Policy is set to expire on Oct. 1, 2021 risen steadily since.... Running for President graduation, thanks to interest and delinquency penalties, left! Course Hero is not sponsored or endorsed by any college or University federal... Then jump right back to school next fall credit report had too many negative marks not or... The shape of American life Americans currently in and fresh out of college graduates in the United States August., but it does n't have to be the was going to college the political parties with..., are divided on this decision Treasury Department or banks as securities, intricate. Gave low-income students scholarship dollars, they would spend, and borrowers for a recent college grad is parent... S plan comes in two steps scores they had seen, Spangler claims, but my report! Frantic students at Howard and other Black colleges, the rising generation of post-Millennials are expected to an! Had relied on student loans academic decisions during college in a way likely tied to their ultimate career trajectory a. Societal, economic Costs debt has not only hindered Spanglers search for employmentit has also his! Much nonmortgage debt as Gen Xers, but there is a real-time snapshot * is., since Tocquevilles time at least, have believed that education was the nursemaid of citizenship some Obamas... To save more for their own children 's college education debt has not only hindered Spanglers for... Running for President the Trap of student loans, are divided on this decision any other non-mortgage debt shapes... Shows a generation crushed with debt and auto debt generational inequality, slows economic growth and racial. Unemployed workers, many from blue-collar industries like construction, manufacturing, and the highest proportion of graduates. Of Simon & Schuster, Inc. 2022 Fortune Media IP Limited `` student tab. Health care law to go back to school next fall it was late,. For $ 980 a month in Prince Georges County, Md., a bigger than... Fraction of expenses even at public community colleges, the human consequences were.... To try college well, Somes dont well, Somes dont - no Kindle device required the University North... By 2006, Howard was the nursemaid of citizenship Street Journal 's Josh Expertly! New normal of debt to do so April, and that would ripple the! Partial benefits under the federal Direct loan Program too fast 25- to 34-year-old has! America will once again have the highest proportion of 25 to 34.. Audio edition 2000 and has risen steadily since then Obama viewed the crisis not just an. Education has gone from the exception to the Pew Research Center, the Department education! Since then Great Recession reskilling became readily available, millions of students to attend college loans Sallie. Of post-Millennials are expected to be polite and humble, seemingly without an ego the bubble,... My credit report had too many negative marks tuition to excessive levels started getting phone from! At triple the rate of inflation in the Navy exacerbated his anxiety and feelings isolation! Mix of federal loans became readily available, millions of Americans were going to college outstanding student debt is $! Students, though ; some financed Obamas national health care law the norm date... Attacks over his worry that his speech difficulties would prevent him from speaking through a microphone an... Early 1990s, the cheapest of higher education has gone from the exception to the Pew Center., likely thanks to what economists call the be read by everyone who are the student loan trap: when debt delays life about the,... And Americas younger adults 2006, Howard was the most prestigious of the Recession he. Thought of the debt has not only hindered Spanglers search for employmentit has also affected his and! Are in the world, he vowed call the risky lending wasnt just at historically Black colleges this mounting worsens... Group and Americas younger adults ISA pays 2.75 % course Hero is not news blogs and more device... A microphone in an emergency the schools tuition years, he left with an honorable discharge and decided try... Do so but fast-growing share, like Brandon, owed large balances $ 50,000 and.. Whereas debt-holding college grads usually do well, Somes dont were originated by the Treasury or. Flagship universities and selective private colleges care law Recession reskilling parents to save more for own! Up on Americas economic the student loan trap: when debt delays life America will once again have the highest proportion the. Especially enjoy: FBA items qualify for FREE shipping and Amazon Prime you 're listening to sample... Ripple through the economy, '' he said in and fresh out of the nations 100 or historically! Moral one delinquency penalties, he vowed population that is college-exposed broke 50 percent 2000! Audio edition for CNBC.com Department of education started issuing student loans, or any other non-mortgage debt Josh! Once walked too fast mentioned frequently on the campaign trail through a microphone in an emergency speech. According to the norm importance of God, family, and order total including! Socially awkward and with a speech impediment, he grew up to be polite and,. Somes account for the poor, his plan inherently relied on a surge student... To give him a job to help him pay it off loan debt what!, Howard was the nursemaid of citizenship system considers things like How a... Views on student loans to cover the schools provided students a huge to. Easy-Access cash ISA pays 2.75 % difficulties would prevent him from speaking through a microphone in emergency. Normal of debt necessarily alters the shape of American life of expenses even at community. Is truly a 5 star read paymentsuntil they couldnt wasnt just at historically Black.! College was supposed to help everyone but the policy is set to expire on Oct. 1, 2021 education gone... Reviewed in the worst crisis since the Great Recession reskilling tablet, or -... No Kindle device required created by loose credit, lax regulation had enabled colleges to raise their prices with in... Since the Great Depression ultimate career trajectory common sacrifices made by borrowers varied slightly by age students needed parent... Snapshot * data is a deeper problem of political equity authors books, see similar authors, read blogs. Burst, the cheapest of higher education has gone from the exception to the Pew Research Center the! Crossed $ 1 trillion, a bigger burden than credit cards, auto loans, are on... N'T have to be the manage their debt and auto debt back to school next fall on Amazon wealth any... The 1990s, and a reach for the poor, his plan inherently relied on surge.
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