Opinion: Democrats’ promises of student-loan forgiveness and free tuition are not the answer – Market Watch
Many people should forget about college and find an apprenticeship so they can earn while they learn
Student debt and skyrocketing college tuition are terrible burdens for young adults, and Sen. Bernie Sanders promised to forgive their loans and make public colleges free. Former Vice President Joe Biden, in an effort to woo young voters, offers to expand federal income-based debt forgiveness programs and make state universities tuition-free for families with incomes under $125,000.
Higher education should not be so recast as an entitlement but rather the decadence of present arrangements should be targeted for pro-market reforms.
College should not be so expensive. The cost of hiring decent instructors for most disciplines—such as economics, physics or Western literature—is not high as compared to a good lawyer, architect or most other professionals. The problem is federal student loans have relieved universities of virtually all market discipline and accountability.
In 1972, the Federal Higher Education Act made government guaranteed student loans through banks and the Department of Education widely available. That put tens of thousands of dollars in the hands of teenagers to select colleges and programs of study.