Student Debt and The Spirit of Indenture.. In this article the author examines the issues of U.S. students and the degree of indebtedness they enter into in order to pay for their higher education. Given the significant amount of debt that graduated students must pay off, the author likens their early working years to the indentured servitude that afflicted colonial immigrants to the United States. Also under discussion are proposals that could lighten the debt load for students including a plan that would supply free higher education at government expense.