Desacralizing higher education financing would impose cost discipline on the industry, limit enrollment to students likely to succeed, and provide fai

The Banality of Student Loans

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2022-07-05 19:00:10

Desacralizing higher education financing would impose cost discipline on the industry, limit enrollment to students likely to succeed, and provide fair relief to borrowers.

The mythology of “college for all” has produced a perverse financing system for higher education. Because policymakers regarded a college education as necessary to opportunity, they made it a public obligation to facilitate any student attending any school, regardless of cost. Because they regarded a degree as sufficient for success, they presumed that the return on investment would always be high. And having granted “education” a sacred status unlike other goods and services, they gave the associated debt a sacred status as well: not to be discharged in bankruptcy.

The results have been disastrous. College costs skyrocketed, fueled by government subsidies designed to grow right along with tuition. Young Americans and their families were encouraged to assume whatever debt necessary—by not only policymakers promoting their loan programs, but also a culture that equated the practice with “investing in your future” and institutions that cashed the checks upfront and were never held accountable. In how many movies does the teenager, discovering his family’s financial troubles, concede gloomily that he can abandon his first-choice school and attend the state university nearby, only for a determined parent to insist, no, we will find a way?

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