National Public Radio (NPR) recently ran a poll to determine what Americans think about student-loan forgiveness. More than half the respondents favor President Biden's plan to forgive $10,000 in student debt per borrower.
Among people with outstanding student loans, 84 percent support Biden's debt relief plan, and 68 percent want Biden to forgive all student debt (as reported in Inside Higher Ed.)
That's not surprising. If the President offered to pay off my Visa card, I would certainly say yes.
And here's the NPR poll's most interesting finding: Among college-loan debtors, 82 percent believe making college more affordable should be the feds' priority.
The NPR poll results show that most Americans understand why the federal student-loan program is out of control. A college education costs too much.
Giving student debtors $10,000 in student-loan relief will do nothing to solve the student-debt crisis, which worsens with each passing month. While politicians and pundits debate whether President Biden should forgive some of this massive debt, the colleges keep raising their tuition.
The United States has too many colleges and too many frivolous degree programs. Too many universities offer over-priced, mediocre graduate degrees that don't lead to good jobs.
Most universities are bloated with platoons of highly paid administrators who draw higher salaries than the professors. Several for-profit schools have been found guilty of fraud; almost all charge too much for degree programs that don't pay off financially.
It's easy to shower college-loan borrowers with helicopter money-- a one-time gift of $10,000 in loan forgiveness to every student debtor. Kinda like giving a couple of bucks to a panhandler--how hard is that?
It is much harder to grapple with the underlying reasons for the student loan crisis: corruption, mismanagement, and price-gouging at American universities.
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