White House Student Loan Bailout Workaround Ignores Root Cause of Debt Crisis
Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement in response to the White House’s remarks today on its new SAVE student loan forgiveness program:
“In announcing its new student loan bailout workaround, the White House is ignoring the root cause of the debt crisis: unaccountable colleges that overcharge students. In a Tuesday briefing on the new SAVE program, the White House conspicuously failed to mention any plan to hold colleges accountable for raising tuition at more than twice the rate of inflation in recent decades. In fact, Biden’s lawless forgiveness plan exacerbates the underlying problem by giving colleges a blank check to continue price gouging, secure in the knowledge that the government will pay off ensuing debts.
“Colleges have spent like drunken sailors on administrators and amenities and passed the costs off to students in higher costs. Republicans have proposed numerous reforms to rein in reckless colleges and get to the heart of the problem, but Democrats continue to ignore these solutions in favor of vote-buying bailouts.”