@EdLaborGOP Have Solutions for Exploding College Costs
WASHINGTON, D.C., September 7, 2022
The Biden administration’s student loan bailout will cost taxpayers hundreds of billions but does nothing to solve the college cost crisis. Instead, the administration’s reckless actions will provide cover for colleges and universities that have gouged students for decades. That’s why House Republicans are offering real solutions that will help make college more affordable for students and families.
In Case You Missed It via Fox News, Education and Labor Committee Republican Leader Virginia Foxx (R-NC) explains in a new op-ed how House Republicans are providing commonsense options to stem the tide of rising college costs.
By Representative Virginia Foxx
September 6, 2022
The nation’s borrowing crisis cannot be solved by ad hoc student loan debt jubilees on the eve of Election Day. Just last month, House Republicans presented the president a bold blueprint to fix the student loan crisis his party created. In response, the Biden administration charged each taxpayer $2,500—including those who never set foot on a college campus—for a plan that will put outstanding student loan debt right back where it is today in a few short years.
It is critical to reverse the vicious cycle of increasing prices and declining quality of education. …
First and foremost, colleges must have skin in the game when it comes to federal student loans. Institutions can no longer get a free pass when borrowers are stuck with mounting debt and a degree that does not meet its promised returns. If a school’s programs are successful, we should reward them, but for those riskier programs, colleges must help cover the loss for students. The burden can no longer fall squarely on taxpayers.
Institutions will have to look inward and ask whether the money spent on a new administrative office could be used to improve the quality of teaching, lower the cost of overvalued programs, or rethink their business model all together.
Second, we must fix higher education’s convoluted pricing system.
Students have the right to know the price they will pay and the real-world earnings they can expect so they can easily compare the value of different degrees. After all, it may be the biggest investment they ever make.
Lastly, we should reward institutions that are committed to lowering costs and increasing student’s return on investment. … By rethinking the Pell Grant, we can help students enroll and complete high-quality, affordable programs and can encourage more institutions to offer them.
…Biden’s recent actions have done nothing to address exploding college costs. Republicans are offering real solutions to reform our postsecondary system.
Read the full op-ed here.