Forget College For Everyone: Forgive Student Loans (?) And End Further Subsidies

college debt

The recent proposal from the president to have the middle class pay for community college for “everyone” (Largely by raising taxes on 529 plans. How stupid is that?) is little more than an attempt to buy votes from potential students who don’t know better and to reward a university industry which overwhelmingly supports the president.

Again it is the middle class, not the rich (as has been sold) which will pay for this.

Below is a not so modest proposal for a better way. It has some merit. This is not an endorsement, but it deserves thought. We certainly need to stop the academic gravy train in this country and government sponsored debt servitude.

(From The Federalist)

Last May, a proposal was made on this site to have the federal government forgive all student loans owed to it and pay off all student loans owed to private lenders—in return for cancelling basically all federal support to higher educational institutions. It’s a crack-a-jack idea…

…Second, some critics suggested that forgiving current student loans wouldn’t be fair to those people who had paid off their loans. But that’s not clear. Would we refuse to free a slave simply because his brother had bought his own freedom the week before? The parable in the Bible about the laborers in the vineyard suggests that those students who have paid off their loans got what they bargained for and that their real complaint is that someone else is getting a better deal.

But that’s also true when you pay full price before a sale begins. A good lesson to learn, and the earlier the better, is that life isn’t fair—and most of us should be glad it isn’t.

Click here for the article.