President Joe Biden is set to “forgive” $10,000 worth of student loan debt per borrower, for a total of $360 billion in loan elimination. This may sound like a neat and easy solution, but the direct result will be to increase inflation, drive college costs even higher, and place lower-cost and more effective education alternatives at a disadvantage.
College is far more expensive than it should be, and many students graduate with significant loan debt. Worse, employers increasingly report that colleges are not equipping students with the education and skills they need in the workplace.
Those are significant problems in need of solutions. But Biden’s plan papers over the fact that government policies are the cause of these problems. Student loan “forgiveness” will exacerbate these problems, not eliminate them. And it’s morally wrong, economically bad and educationally harmful.
