The 1965 Higher Education Act, which established the federal student loan program, enabled millions to get a college education. The paradox is that restoring the promise of higher education access now requires canceling debts. AdvertisementFirst, federal grants, known as Pell Grants, have not increased to keep pace with the skyrocketing price of a college education. This dynamic may deter the risk-averse from pursuing higher education at all — a perverse outcome and the opposite of the lofty aim of the Higher Education Act. Elizabeth Warren and Charles Schumer have proposed canceling up to $50,000 of each borrower’s debt through executive action, without legislation.

Source: Los Angeles Times December 20, 2020 12:00 UTC