Student loan debt is at record levels in the United States. The negative psychological and financial effects for borrowers are well-documented. This article turns to the individual-level political effects of student loan debt. Rooted in the policy feedback literature, we examine whether the rise in student loan debt is associated with negative feedback effects for democratic engagement, and how this affects participatory inequality. We find that individuals who took on debt but did not obtain an associate's or bachelor's degree ("stop-out") are less interested in politics and heard less by their government. Policy design in American higher education inculcates bad lessons for democracy.