The Truth About the Student Loan Crisis

Podcast - Bob Zadek Show

English - April 09, 2021 00:44 - 121 MB - ★★★★★ - 6 ratings
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Preston Cooper of FREOPP says that student loan crisis is not what we think

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TRANSCRIPT

Preston Cooper is a PhD student in George Mason University’s economics program and a visiting fellow at The Foundation for Research on Equal Opportunity, whose studies have led him to a number of under-publicized conclusions about the so-called student loan crisis.

First of all, blanket forgiveness of student loan debt would be far more costly than most people imagine – totaling more than all spending on antipoverty programs over the past several decades.

Second, those with the largest sums of debt are generally those who have graduated with reasonably valuable degrees, who are on their way to paying those debts down. The people most likely to be in default are those who incurred smaller debts from one or two semesters of college before dropping out, and failing to find well-paying work.

Finally, for those in this latter category, there are already programs available to alleviate the often crushing burden of student loan debt. These programs, including so-called IDR (income-driven repayment) plans, are much more helpful than the kinds of “debt forgiveness” being proposed by the Biden administration ($10,000 per student). In other words, call off the student loan debt jubilee.

Cooper joined me to discuss how we got to the point where the educational system produces so many poor debtors, and what we can do to resolve this problem going forward – without breaking the bank or benefitting the relatively privileged at the expense of the poor American taxpayer.

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