Former Indiana governor Mitch Daniels is president of Purdue University. He writes that when the federal government took over the loan program in 2010, President Obama claimed it would turn a profit of $68 billion stating that “we are finally undertaking meaningful reform in our higher education system.” Instead, with student debt forgiveness that flagrantly ignores the Constitution, which authorizes only Congress to spend money, President Biden has added hundreds of billions to the federal debt. Daniels notes that college costs are inflated as schools continue to pocket federal subsidies and he believes that colleges should always have been at some risk for any non-repayments by graduates.
