For those seeking action on the crisis in college affordability, last week’s stalemate in the Senate on student loan interest rates was disappointing. Absent a compromise, subsidized student loan interest rates will double on July 1.
But the debate on interest rates and who’s to blame if they double misses the bigger issue. College costs too much. There’s no brake on the incentive for states and colleges to raise tuition and fees. And students, particularly those from low and middle-income families, have to borrow too much to attend.