May 22, 2015

Dear GOP Candidates: Solve Rising College Debt

The issue of rising college costs could be a major policy point in the upcoming presidential election. This year, the average college graduate is walking across stage shouldering $35,000 in loans — the highest it has ever been. And a recent Gallup poll found that only 21% of Americans believe college is affordable. For the Left, the solution is easy: Throw more money at the problem; subsidize higher education so that the students aren’t paying a thing. This is what socialist Bernie Sanders wants, but conservatives need to find a compelling, free-market solution that doesn’t involve giving handouts to valued constituencies. “Yes, society benefits from a better-educated populace, but the individuals who get educated benefit the most, in the form of higher earnings,” writes Charles Lane in The Washington Post. “Why shouldn’t they put some skin in the game? … A financial stake encourages students to study hard; it encourages families to monitor their kids’ schools and hold them accountable. By contrast, ‘free’ tuition, regardless of need, may breed entitlement, indifference or both. If there’s anything young people don’t need, it’s that.” Here’s a good starting point: Figure out why college costs are rising faster than inflation and fix the underlying problem. The problem might have something to do with government grants, subsidies and regulation. More…

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