By Lamar Alexander
Our country has most of the best colleges in the world. Students should be able to afford them, and borrowers should not be crushed by debts.
A college graduate paying more than $1,000 per month on student loans recently wrote that he had been told “to chase down a bachelor’s degree by any means necessary.” But, he added, “no one mentions just how expensive and soul-crushing the debt will be.”
Our country has most of the best colleges in the world. We also have the most graduates paying off college debt. Roughly 40 million borrowers owe $1.5 trillion in student loan debt.
The questions I hear most often about college are: “Can I afford it? Is it worth it? Can you make it simpler to apply for financial aid and pay back loans?” Administrators have a specific question: “Can you do something about the jungle of red tape that wastes money on overhead that could instead be spent on students?”