The Democrats are pushing for lowered interest rates today, but that won't make much of a difference. Here's what would, in my opinion: Get rid of government-backed student loans. The reason? Colleges have inflated prices over the last decades mostly because they know if students and their parents don't have the money to pay, they can get big student loans. The student loan limits continue to rise and bam! so do college costs. Funny how that works.
Hmmm.....health care costs and college tuition. Two areas of commerce that the government keeps their big sticky fingers touching. Just more evidence of this truism: Whatever the government touches turns to shit.
Tuitions are rising an average of seven percent to eight percent annually, at least twice as fast as overall inflation, according to the College Board, the New York-based organization best known for admissions tests like the SAT. (Only inflation in health-care costs surpasses that.)
Student loans benefit colleges not students. Get rid of them and colleges will be forced to cut costs and stop operating like big, bloated pigs. Innovation will ensue. Rather than inane book requirements for class, professors will have to be more selective and less capricious. Students won't be able to pay for every silly book on the list. They will have to change. There will be more at-home learning to cut costs. That's another good thing. In short, the colleges will have to start being responsible businesses instead of acting like, well, the government.