I've been of the belief for some time that Government backed student loans are nothing more than an enabler and transfer payment to the Bill Ayers' of the world.
If you ever wanted to get education costs under control, you'd get rid of financial aid of all types.
But Gordon, without financial aid, students couldn't afford college.
Really? Consider this. In those old fashion days before grants and loans, a student could actually work a part time job to pay for school.
Now, with annual rate increases of 8 percent or more (more than double the CPI) a student doesn't stand a chance of going to school without piling on tons of debt.
He's a quote from a current grad.
“You often hear the quote that you can’t put a price on ignorance,” said Ezra Kazee, who has $29,000 in student debt and has been unable to find a job since graduating from Winona State University in Minnesota last May. “But with the way higher education is going, ignorance is looking more and more affordable every day.”
If we zap these institutions of unaccountable government dollars, they'd actually have to tighten a belt or two, or three....
More at the NY Times