Biden has already decreed that millions of students with federal college loan debts won’t have to repay in full (but the Supreme Court might nix that in a decision expected in June) and now his minions at the Education Department plan to revise the rules for student repayments.
Good idea or bad?
In this New York Post column, Professor Richard Vedder argues that it is very bad: unfair, irresponsible, and illegal. His arguments are, I’d say, unchallengeable.
Vedder concludes:
So why is the Biden administration doing this?
We all know the answer: Administration officials believe it will be wildly popular among the millions of federal student-loan borrowers and give the president a badly needed political boost.
To that I’d only add that this new scheme will help to prop up the nation’s vastly bloated higher education sector. By making college nearly free for many students, the feds will help stanch the outflow of students who are figuring out that higher education often isn’t worth the cost in time and money. And of course, the higher ed sector is a huge Democratic constituency. Keeping it fat and happy is key to the party’s success.