May America Live Long and PROSPER: Reining in Student Debt

The federal government is currently on the hook for over $1.35 trillion in higher education loans, over half of which has accumulated since 2009. A number of Capitol Hill lawmakers have come up with legislation to reduce public exposure in the event of a calamity: the Promoting Real Opportunity, Success and Prosperity through Education Reform Act, or PROSPER. The House Education and the Workforce Committee approved the bill in mid-December in a 23-17 party-line vote; the Senate now is taking up its own measure. The context underscores the unsoundness of the Obama-inspired higher education overhaul of 2010 that has played no small role in bringing about this situation.

Taking on debt to attend college or graduate school is a way of life. According to a quarterly Federal Reserve Board data base, fully 42.6 million U.S. adults by the close of 2017 owed an outstanding $1,366.9 trillion in federal student loan … Read More ➡