Wall Street Journal Report on Out-of-Control College Spending Shows Problem With Student Loan Bailouts
Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement in response to a new Wall Street Journal report detailing out-of-control college spending, the costs of which are being passed on to students in tuition increases:
“Out-of-control college spending on unnecessary five-star amenities shows why President Biden’s student loan bailouts will do nothing to address the underlying reason for the college debt crisis. For decades, unaccountable colleges have spent like drunken sailors and passed along the costs to students in tuition increases. Bailing out student debt will only give colleges a blank check to continue their reckless overcharging.
“While the Supreme Court recently struck down Biden’s student loan bailout, the administration is currently working on several workarounds that amount to de facto bailouts and would exacerbate college greed. Legislators must come together in a bipartisan fashion to get to the root cause of the crisis by holding colleges accountable. The first step: Haul college presidents before Congress to explain their spending binge-induced tuition hikes that have burdened a generation of Americans.”