In Wednesday night’s Republican debate, one question asked was regarding student loans. This is one of the big complaints coming out of Occupy Everywhere: students wanting their loans paid off/forgiven.
Yet, we see how the loan program has poisoned the education system. It has allowed extreme increases in tuition, allowed students to study less (13 hours/week now versus 25 hours/week in 1960s), allowed students to party more, and to extend their programs from a 4 year program to 6 or more years. Or they borrow tens of thousands for a program that cannot provide them with a future job that can easily repay the loan (are you listening Harvard University Elizabethan Literature students?).
Not only that, but they obviously have time to rampage in the streets anytime their college sports team wins, loses, or has the coach fired (Penn St firing Paterno after the child molestation scandal). We are raising a bunch of spoiled, rotten kids, who want everything handed to them on a silver platter – for free!
Neal McCluskey at CATO gives us his take on why we should end the federal student loan program. And I agree.