Americans have chosen to accept some inefficiency in return for the greater “equality of opportunity” that student aid provides. And judging by presidential candidate Mitt Romney’s quick pledge to keep offering low-interest student loans, it’s sure to stay that way.
As President Obama wrapped up a barnstorming tour of college campuses in swing states on Wednesday, Democrats and Republicans agreed that they wanted to avoid a steep increase in the student loan interest rate this summer. But the chief issue remained unsettled: how to pay the cost of doing so.
Members of the Assembly budget committee skewered New Jersey’s higher education secretary at a hearing Wednesday, arguing that they can’t judge a proposal to overhaul the state university system without knowing the cost.
Student loan activists in New York and some 20 other cities are gathering Wednesday, when student debt is expected to cross the trillion-dollar threshold. Among their student loan proposals: The federal government should cover all higher-education costs.