The Democratic candidates want free college for all but can’t explain how they’ll pay for it except for the hackneyed line that they will tax the bottomless pit of rich people though there aren’t enough rich to actually pay for it.
We already have free college with taxpayer funded grants and loans that support the universities and colleges reckless spending and they are allowed to default, leaving the taxpayer with the bill.
It is frustrating to see taxpayers on the hook for other peoples’ college loans that result from the high cost of college due in large part to wasteful spending and the government easy money program which encourages the spending.
Enrollment growth accounts for some of the increased spending but government loans account for most of it.
Colleges rely on loan programs to finance their ever-increasing costs and the government is only too ready to make them available.
Students and parents are being robbed as colleges continue on with their reckless spending, often for things that have nothing to do with education and more to do with building appeal. Rising tuitions surpass inflation rates.
Student loan debt now surpasses $1 trillion. Student loan delinquency exceeds mortgage delinquency and the total debt balance for college loans exceeds credit card and mortgage loan balances as of 2011 according to the Federal Reserve’s report.
President Obama has encouraged student defaults by setting up a program that requires taxpayers to pay off all remaining student loans for those students who do not have them paid within 20 years. It is an invitation to deadbeats.
With 1 in 2 graduates not getting jobs or jobs appropriate to their level of education on top of an already high default rate on student loans, the eventual result will be a college bubble with record numbers of defaults and many colleges will be unable to sustain themselves.
Colleges offer remedial programs, useless racialist and feminism classes, puppetry and all manor of useless majors. If colleges are free, there will be a lot more of that.
Taxpayers will be on the hook for all of it. Loans are backed by the federal government and that’s you and me.
Our Democratic candidates want free college, but like all freebies, someone eventually has to pay. If the government pays the whole freight, the college bubble we have now will balloon because the more aid college students have, the higher the tuitions go.
The government promises students financial aid or virtually unlimited loans to cover college tuition and, colleges raise tuition as a direct result.
A new study from American Enterprise backs this up though it’s only common sense.
One-third of colleges are already on an unsustainable path. Imagine if these costs were passed on to taxpayers? The colleges would keep spending recklessly and the college bubble would explode. The Democrats running for office have no interest in dealing with reality or figuring out where the money is coming from.