Phi Beta Cons

The Right take on higher education.

Students Should Be Able to Borrow More Cheaply!


Senator Elizabeth Warren, that egalitarian zealot from Massachusetts, thinks that if giant banks can borrow from the government at a very low interest rate, so should college students. In an excellent Freeman piece, Richard Lorenc examines the unintended consequences of her “Bank on Student Loan Fairness Act.” Rather than solving a problem, this bill would make things worse if it were enacted.

I only wish that Lorenc had questioned the bill’s premise. The problem is not that big banks get a better rate than college students, but that the government lends money to them at all. Nothing in the Constitution authorizes the government to be in the lending business — not for banks or other businesses, not for housing, not for “green energy,” and not for students.


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