College is too expensive, but is student loan relief the answer?

Stefanie Botelho's picture

Megan McArdle, despite her own experience with crushing student debt, doesn't support efforts to allow students to refinance their loans at lower rates:

It’s good to remember, as we discuss these plans, that people with college degrees are the best-off people in the U.S. They are a cognitive elite with substantially more earning power than almost anyone else....It’s hard to see why we would take money from other people and give it to this group.

At this point, someone in the audience is mentally complaining that I don’t understand the impact student loans have on family formation . . . buying a house . . . saving for retirement. But au contraire: I understand all too well....However. Some perspective is useful.

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