President Obama is back out on the campaign trail touting his latest scheme for education. He plans to rank and punish colleges, and says he will forgive some student loan debt, among other things. He also says he will work around congress, which is no surprise since that’s just what he does. So, will any of his grand plans bring down the cost of college? According to Bloomberg the answer is a resounding “no”.
Colleges’ exploitation of young Americans through rapidly rising and increasingly exorbitant fees is a national scandal that can no longer be ignored. In his college tour this week, President Barack Obama is speaking at length about what he intends to do about it, after promising “tough love” on higher education for the last two years.
Some of what he proposes is good in principle; some is very bad. …
The president’s proposal has one very bad idea: a forgiveness boon for those paying off loans right now. The proposal, limiting loan payments to 10 percent of income, potentially relieves millions of students from repaying part of their obligation. So why not major in fields the economy values least — anthropology or drama instead of engineering or math — if you don’t have to worry about earning enough to pay off your student loans over a certain period? …
Obama proposes to ignore or worsen the root cause of much of the explosion in student costs: the federal financial assistance programs that encourage schools to raise costs and that haven’t achieved their goals of providing college access to low-income Americans.
Two recent studies highlight the problem. First, the National Center for Education Statistics released datasuggesting that federal college financing is growing rapidly. Now 84 percent of full-time undergraduate students get some aid. Average grant assistance for dependent full-time undergraduate students (unmarried, younger than 24) was $10,600 in 2011-12, up 34 percent in just four years — four times the inflation rate. (Read More)
Here’s the thing – he’s not interested in making college more affordable, just like he’s not interested in a decent economy. He’s just out there ginning up more division and class warfare, while paying off his supporters, all on our dime.