Once you let this genie out of the bottle, there is no going back. It will eventually get worse.
Frederick Hess writes at FOX News:
Biden’s student loan handout will allow college cartel to shake down taxpayers for moreLate last month, President Biden announced a cynical, regressive scheme to have taxpayers “forgive” a half-trillion dollars in student loans. Biden’s plan showers dollars on 20- and 30-somethings with graduate degrees, sticks generations of taxpayers with a staggering tab, and subsidizes the nation’s overpriced colleges.With his announcement, Biden transformed the student lending program. When loans aren’t repaid they’re no longer loans – they’re gifts. Biden coupled his announcement with other changes that would yet again delay repayment on existing loans and also ensure that fewer and fewer future borrowers would repay their full loan.The end result: Biden just gave colleges the green light to shake down taxpayers. The question is how to respond.There’s a need to challenge Biden’s legally suspect executive action in court and to revamp federal lending, but the most urgent task may be to confront the college cartel that benefits from this cash grab.After all, the whole of that half-trillion dollars has already been pocketed by colleges and universities, and Biden’s proposals (along with Democratic calls for future forgiveness) will make it easier for college commissars to jack up their prices even higher – in the expectation that taxpayers will pick up much of the bill.It’s time for elected officials to protect taxpayers and stop Biden from triggering even more out-of-control tuition inflation.College officials with vast endowments have charged eye-popping tuition and then encouraged students to take out student loans (even as they’ve hoarded their endowment funds to pay for buildings and bureaucracy). These same campus bureaucrats are now quietly cheering as their former students pocket taxpayer-funded refunds. If there are to be refunds, they should come out of those heft endowments.
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