The first of two items from a neo-liberal… This one is an item from a business professor with little direct experience in education, but who believes free market economic principles are the answer to education’s (and pretty much all other society’s social) problems.
Taxpayers will be left holding the bill — and unaccountable colleges will be encouraged to raise their prices.
Although President Biden’s attempts to offer free community college for all have been stymied, his administration seems to have found another way to offer free college for more individuals — and not just at community colleges.
The problem with the maneuver is that taxpayers will be left holding the bill while encouraging unaccountable colleges to raise their prices. This isn’t making college affordable or valuable for students. It’s merely charging bad investments to the public.
The origins of the administration’s move lie in what’s known as income-driven repayment. Borrowers who avail themselves of this payment plan reduce their debt payments by paying a fixed percentage of their income, not a set monthly payment.
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