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1 1 (May 9, 2023)

handle is hein.amenin/aeiaepb0001 and id is 1 raw text is: Key Point President be Biden's plan for student loan forgiveness has dra vn 'v !re of fiscal cor- servatives while ;ntensfving the debate around the cost or a college degree. e Student loan forgiveness is backward-looking. The problern of studen debt will not be solved unless colleges and universities begin to focus on students mtur on investment for various degrees. * States can reu!re colleges to operate based on informed consent. Universities can be rdatd t p )rovide students with data on their iikey caree prospects, income, and stdent ban payment amounts before they declare a major. President Joe Biden's plan to forgive $ic:,?oo per borrower in student loans drew public controversy and rnmerus lawsuits. Conservatives atackec the pnan as an eg reious f deral overreacrh and. insisted that the debt stUdents took on ,was thetir responsibility, not that of The taxpayers. Unfortunately, thc public discussion has floc used less on the ies ion of spirli:ng college costs, and few have properly pointed the finger at colleges and universities tiemsevcs, The cost of education increased h' apprxinatcly 169 percent from 98 ,o to 2020, after adjusting tor inflationa Student loan forgiveness will do little to prevent anioter generation frorm taking on sil mia unsus-- tainable debt loads, If a fyhing, it will provde a further subsidy or colleges to raise their price. A better apnroawch would be a system of infrmed consent, in w-il un-vcrsit-es wouleibe require d to provide std- ints with inf rmati i about loan pay- off am.outs, job prospects, and li kely starting sal- aries for the fields they ar conscierig. Under such a system, students may be udged toiward careers that offer a b-ter return on investment (ROI. College degrees that don't offer such a return could wither on the vine and those that offer a return would be incentivized to otfer a better one hi cutting their prices or improving services. Market Signals? For students to be able to pay back their debt, they must find employmerit in fields with wages suffi- cient to n eke their payments. But unrversities have not always proven effective at ensuring students are driven toward successful careers. The public

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