The end of academia's Gilded Age

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America does have a student loan problem. But it’s not the problem Joe Biden wants you to believe it is. The real issue with student debt today is that the cost of college tuition has skyrocketed, yet the value of a college diploma has plummeted. What’s worse is the federal government created this problem by writing blank checks to colleges, with little effort to control the cost or quality of higher education. My Student Loan Reform Act of 2022 would end this academic Gilded Age, reduce the cost of tuition, and give colleges a much-needed reality check.

Here’s what liberals aren’t telling you: almost one-third of college students now drop out before graduation. Nearly two in five college graduates regret their major, over 40 percent of recent graduates are underemployed, and more than half work in fields they didn’t study. Yet, in the past 20 years, tuition prices have risen over 180 percent and total student loan debt is now nearing $2 trillion.

Meanwhile, institutions of higher education are reaping unprecedented profits. College endowments have now ballooned to over $800 billion in value—with Harvard and Yale sitting on over $70 billion of untaxed wealth.

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