Linda McMahon, the Secretary of Education, has defended the decision to restart federal student loan collections, criticizing the Biden administration and universities for their roles in misleading students and profiting from loans. She highlights the troubling dynamics where educational institutions raise tuition significantly in tandem with federal loan subsidies while students face heavy debt burdens post-graduation. McMahon emphasizes accountability for both borrowers and colleges, asserting that many degrees offer little value in the job market and condemning the prior administration's approach to student loan policies.
Colleges and universities call themselves nonprofits, but for years they have profited massively off the federal subsidy of loans, hiking tuition and piling up multibillion-dollar endowments while students graduate six figures in the red.
Many of the degree-granting programs that qualify for student loans are worthless on the job market, but colleges continue to accept students to these programs and encourage them to borrow to pay for them.
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