Rutgers sociology professor Jackson Toby has an excellent essay on Minding the Campus in which he reflects on the trouble we have gotten into because the federal government has been “promiscuous” in lending to anyone who wants to go to college. Toby says that “students don’t need cheaper loans; they need better educations.”

Both Obama and Romney have jumped on the “We can’t let student loan rates rise!” bandwagon. I’d love to see them reply to Professor Toby’s argument that low rates for everyone encourages students who aren’t academically prepared or serious to go to college.