When I was young, I chose to take out student loans to fund my education. In making that decision, I accepted the responsibilities that came with it – including the terms of the loan and the expectation that I would pay it back.
Unfortunately, this sentiment is not as common as it once was. As a result of this, many first-time students are enrolling in student loan programs not fully understanding the financial responsibilities associated with pursuing higher education.
Last week, White House Press Secretary Jean-Pierre said, “If you buy a car, you are expected to pay the monthly payments. If you buy a home, you are expected to pay the mortgage every month." For once, I can say I agree with her! If you take out student loans, you are expected to pay for those loans – not other people.
The student loan forgiveness program is both unfair and unconstitutional. It is contrary to free-market economics and incentivizes students to take out more than they need – more than they can pay back, while incentivizing colleges and universities to redirect potential funds away from merit-based scholarships to other non-essential expenditures, due to the assumption that these loans will be paid off by the government.
My full remarks in the Committee on Education and the Workforce, is available by clicking HERE or on the video below.