As usual, Phyllis Schlafly is exactly right:
One of the ways to cut the big-spending binge engaged in by the federal government is to terminate the racket of college loans. It’s counterproductive, discriminatory and a bad investment for both taxpayers and students.
College-loan debt has soared to nearly a trillion dollars, more than credit-card debt or auto-loan debt. Financial commentators are beginning to compare college-loan debt to the housing bubble that nearly brought down the banking system in 2008.
However, it’s not the banks that will be the big losers if the bubble bursts. It’s the taxpayers, because the government is now on the hook for the majority of student loans.
Even worse is the burden on students. The debt requires students to keep paying for a product that lacks its advertised value either in education or employment opportunities. College education has been dumbed down to enroll more and more taxpayer-subsidized students, even if they take only remedial (aka high school) courses.
College-loan debt is a powerful deterrent to marriage and to getting on with life. Students cannot discharge the debt in bankruptcy, can’t get a job that justifies the loan and may have had a lousy education.