Student loans are skyrocketing. We shouldn’t cancel them | Opinion
Vice President Kamala Harris announces the cancellation of all federal student loans borrowed to attend any Corinthian Colleges on June 2 at the Department of Education in Washington.For weeks now, the Biden administration has been toying with a bad idea: one where the federal government takes billions of dollars of debt incurred by students voluntarily and transfers it to taxpayers involuntarily.
As a sort-of tune up, the administration announced on June 1 that it would forgive all the debt held by students who attended Corinthian Colleges, a defunct for-profit network of schools. According to reporting by, that move will affect 560,000 borrowers, with a price tag of $5.8 billion.
We understand the impulses here, both political and financial. The cost of an education is out of control. According to, the average cost of tuition and fees to attend an in-state public college is $10,338 per year. In Texas, the number is better: $8,678, according to the website . This issue affects lots of Americans: about 40 million borrowers hold $1.6 trillion in federal student debt. Forgiving some of that debt may seem awfully appealing to Democratic politicians facing midterm losses.
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