Tuesday, March 22, 2022

Congress & DOE Can't Fix the Student Loan Program: They're Just Making It Up As They Go Along

 Paolo Bacigalupi's apocalyptic novel The Water Knife is a tale about the struggle for water in the desert Southwest. Lucy, one of the novel's lead characters, is an investigative reporter trying to understand the major power players who use the law, violence, and vigilantes to control water for their various constituencies.

At some point, Lucy realizes that none of the big players has a long-range strategy, and she has a revelation: 

They have no idea what they're doing. These are the people who are supposed to be pulling the strings, and they're making it up as they go along.

Suppose you are a college-loan borrower who hopes Congress will reform the federal student-loan program and maybe even forgive all $1.8 trillion in outstanding student debt. In that case, you need to have the same revelation that enlightened Lucy.

All the major players who participate in the massive grift called the federal student loan program are just making it up as they go along. There is no long-range plan. In fact, I don't think Congress or the Department of Education even know for sure how much money has been borrowed.

Reporters Warren Rojas and Camila DeChalus, writing for Business Insider, recently reported that 360 high-ranking congressional staffers owe money on student loans. Almost fifty of those staffers owe more than a quarter-million dollars. More than 250 of them owe up to $100,000. One congressional aide has been paying on student loans for 32 years.

Many of these staffers hope President Biden will cancel all this debt before the November elections, fearing the prospect of a Republican-controlled Congress. They may think the Biden administration has a plan.

But I don't think so. I don't think any of the leading players have a plan.

Four thousand colleges and universities depend on getting regular infusions of federal student-aid money.  They're like drug addicts who live from moment to moment, waiting on their next fix.

The people who run the for-profit colleges are getting rich, and so are their shareholders. The status quo works just fine for them.

The Department of Education bureaucrats are paper shufflers.  Their only goal is to keep shuffling all that paper until they're eligible to retire.

Rojas and DeChalus reported that four dozen student-debt-related bills have been introduced in this session of Congress. But so what? Reform bills have been filed every year for more than a decade, but none of those bills has made it out of committee.

The student-debt strikers hope to put enough pressure on Congress to get significant relief on their massive student loans. I hope they're successful. But I'm not sure the strikers have even gotten Congress's attention.

Let's face it. Congress, DOE, and the universities don't have a long-term plan for solving the student-loan crisis. They're just making it up as they go along. 

Making it up as they go along


  1. Yes, they are just winging it -- and they are fervently hoping the house of cards doesn't fall on their watch!
    Also -- "360 high-ranking congressional staffers owe money on student loans. Almost fifty of those staffers owe more than a quarter-million dollars. More than 250 of them owe up to $100,000. One congressional aide has been paying on student loans for 32 years."
    Likely, this is because they are hoping to qualify for PSLF. I have a relative also working in Wash DC for the government hoping for PSLF. But it is NOT a 'done deal' as they say.

  2. Buy Careprost Eye Drop From Best Company with free Shipping. Buy Bimatoprost Eye Drop at cheap Price Ever Online Store. Free Shipping | Extra 10% OFF | Price Guarantee | Order Now.

  3. Borrowers with need-based federal student loans should have limited repayment rights. You can get best article on this topic "Student loan protection" from Law dissertation writing service.

  4. If you're in need of Edmonton foundation repair, then look no further than Rammafoundation. We know just how important it is to have your makeup looking flawless all day long, no matter what the occasion may be. That's why we offer a wide range of services that will help you restore your foundation to its former glory. From corrective services to full reconstruction, we have a solution for every problem. Contact us today and let us help you get the perfect foundation for your face!

  5. Thomas Fahlenbach über Hyaluronsäure – Was es ist, wo es herkommt und welche Verwendungsmöglichkeiten es gibt.Thomas Fahlenbach

  6. Know how Suhagra 100 mg Tablet works, its side effects, precautions, and contraindications where Suhagra 100 mg Tablet is not suggested. Buy Suhagra online Erectile Dysfunction Medicine Order Online at low price from Meds4gen.Suhagra 100

    1. Tadalista 60 contains a functioning fixing, Tadalafil, which is utilized to treat Erectile Dysfunction in men. Tadalista is a solution-based drug which might be accessible at any of the pharmacies, driving web-based drug store stores, and clinical inventory stores. Tadalafil (PDE-60 inhibitor) is a functioning salt in Tadalista 60 Mg tablet which builds the bloodstream to the penis by loosening up the muscles in penile veins subsequently, treating Erectile Dysfunctioning.

  7. We are a local vehicle rental company who provides commercial vehicles and van on rental basis. Call us today 01953 665 421 to latest prices. Visit us nowVan hire Norfolk

  8. Want to get schengen visa from UK? We provide hassle free Schengen visa service for several countries from UK. Contact us today info@applyschengenvisas.co.ukonline schengen visa

  9. LCV Centre is a fully approved main dealership for Maxus Commercial Vehicles, operating in the Norfolk, Suffolk and Cambridgeshire areas.Maxus e deliver 9

  10. Overview Curriculum Reviews Instructor: milcom Duration: 2 days Categories: Featured Courses, Technical Security Courses, Telecommunication External This CCTV installation course is designed to provide you with the skills and knowledge required to install and commission Closed Circuit TV systems from the cameras to the image processors and recorders.security camera installation course melbourne

  11. Now apply directly to France visa from UK. Our team is dedicated to assist all the visitors , who want to visit france. Know more for French visa application formFrance Schengen visa online

  12. Radhey Krishna Cotweaving is Cotton & Polyster Greige Fabric Manufacturic Company certified with GOTS, GRS, BCI100 recycled polyester fabric

  13. JPLoft Solution is the top Restaurants And Food Ordering App Development company in India/ USA.We offer customized solution for Restaurants And Food Ordering App Development Services,Top Restaurants And Food Ordering App Development Services,Best Restaurants And Food Ordering App Development Services.food delivery app development company

  14. Tap A Tradie is an on-demand marketplace. It is an effective way for consumers to outsource jobs to tradies in their area in real timeTap A Tradie

  15. Are you looking for Best HR Software in Dubai & Cloud HRMS in UAE? Then you are at right place. Contact us for Best HR Software in UAEhrms software in uae