The Wall Street Journal's Josh Mitchell pens an engaging history of the federal government's role in the ongoing student loan debacle.
Everyone involved—from politicians to banks to universities—convinced themselves they were heroes. It’s true that the convoluted system enabled many young people of limited means to attend college. But at the same time, student loan defaults soared. So did college tuition.
In the decades after Congress created the modern loan program, tuition rose well in excess of inflation. Elite universities colluded to fix prices. Thanks to cheap federal loans and a general mentality that college was a “golden ticket” to economic prosperity, universities found that students were willing to pay even as they raised tuition year after year. Rather than vying to offer education at the lowest price, schools started competing on rankings, reputation, and campus amenities.
It’s refreshing that Mitchell doesn’t fall back on enticing but substantively hollow proposals to simply forgive all student debt. Instead, Mitchell supports ending unlimited loans to graduate students, promoting alternatives to four-year college, and forcing schools to bear some financial responsibility for student loan defaults. All are great ideas.
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