"Here's the deal," Biden said. "The cost of education beyond high school has gone up significantly. The total cost to attend a public four-year university has...nearly tripled in 40 years-tripled." Education, Biden insisted, is the "ticket to a better life." Yet thanks to rapidly increasing costs, "that ticket has become too expensive for too many Americans." It is true that the cost of higher education has risen markedly in the last four decades.
It is also true that as costs have risen, so has the number of graduates with loans. Prior to Biden's forgiveness plan, there was $1.6 trillion in outstanding student loan debt, up from about $187 billion in 1995. But Biden's plan not only fails to address any of the factors driving those cost increases; it is nearly certain to make the problem worse.
One reason colleges have continued to raise tuition prices and fees is that the federal government has enabled them to do so by backstopping student loans. In 2010, as part of the Obamacare reconciliation package, the federal government effectively took over the student loan market in its entirety.
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