The federally guaranteed student loan program is in shambles. Some $1.7 trillion in outstanding loans were taken out by half of all college students.
Nearly a fifth are now not being paid back.
Marriage, child-rearing, and home ownership are all delayed by some 40 million indebted graduates, who can take decades to pay loans back.
The Biden administration demagogued the issue by illegally granting rolling student loan amnesties — to win votes just before both the midterm and general elections. That proposed debt relief would be covered by taxpayers, over half of whom never went to college.
The expansion of student loan debt roughly correlates with universities raising their annual costs higher than the rate of inflation — largely due to administrative bloat.
The federal govt needs to get out of the student loan business which was foisted upon us by Obama.
Here's an idea: let's force the universities to fund the loans to students that attend those universities.
Bet one will get some real accountability out of the schools as they then will have to veer away from degrees which offer little chance of getting good jobs and force the schools to deliver on running a fiscally responsible business of higher education.
