That's why student loans have made college education so expensive. Democratic presidential Martin O'Malley and Bernie Sanders candidates want to make college free for everyone--which means it will be very expensive for taxpayers as they pay for spoiled young adults pursing useless degrees in women's studies and sculpting. Hillary Clinton has stopped just short of that.
But one Republican presidential candidate is having none of that.
From the Des Moines Register:
Former Hewlett-Packard CEO Carly Fiorina said fellow presidential candidates Hillary Clinton's and Bernie Sanders' plans for higher education is "how socialism begins" while at The Des Moines Register Political Soapbox on Monday.
"Government has, in no small measure, created our current problem" with student debt, Fiorina said, adding that the government "nationalized" the student loan industry.
"It used to be a competitive industry; it isn’t anymore," she said. "The federal government basically owns that industry and they decide what interest rates should be, so they say it should be 4.5 to 6 percent. Meanwhile the government is paying between 1.5 and 3 percent interest on their own debt. Kind of sounds like a racket for me."