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Analysis by the College Republicans on President Obama's actions on student loan reform.
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Student Loan Speak Up Memo
1.
Speak Up Memo The Voice of Young Conservatives THE WEEK OF APRIL 5, 2010 The Outrage Used and forgotten. In 2008, young people gave Democrats their vote and in 2009 Democrats showed young people the door. Well it’s time to tell the Democrats to stop and listen up. From health care to student loan reform, Democratic policies have consistently ignored the needs of our generation. If we want change, 2010 must be different. What You Can Do About It Speak up! As a conservative we must begin to win hearts and minds before we can win elections. The process starts by educating people about what we truly believe. It starts with you in the classroom. We’ll arm you with the facts you need to win the argument. It’s your job to carry the message on to your campus. It’s your job to speak up! By engaging ourselves in the debate, we’ll spread the message of conservatism – the message of small government, Xiscal responsibility, and individual rights – to one campus, one classroom, and one student at a time. Over the next Xive weeks the CRNC will be looking into the growing entitlements that left unreformed will doom this country’s Xiscal future. We must realize that government is not the solution to the problem…it IS the problem. This Week’s Theme: Student Loan Reform’s Hidden Cost The Promise: “To make sure our students don’t go broke just because they chose to go to college, we’re making it easier for graduates to afford their student loan payments.” ‐ Barack Obama The Reality: He’s right...but only for student borrowers and only in the short term. The new student loan reform lowers monthly caps on student loan payments ‐ down to 10% of discretionary income. It also shortens the loan forgiveness period to 20 years after which the balance may be forgiven. But... A weekly publication
by the College Republican National Committee. Copyright 2010.
2.
Fact 1: Economics 101 Tells Us That As Demand Goes Up, So Does the Price The typical government subsidy comes in the form of Pell Grants. The recently passed reform bill also acts as a subsidy by artiXicially lowering monthly payments and capping the life of loans. As subsidies work to make tuition more affordable they also inXluence the supply and demand curve. The market for an education has an equilibrium point at which the number of people willing to pay to attend equals the amount of spots available. As subsidies are introduced, more students can afford a higher education and the demand curve is shifted upwards. But the market always adjusts to back to equilibrium. In essence As more students can afford college the demand for higher education goes up. But the market always adjusts. The end result will be that despite tuition becoming more affordable in the short term, colleges will inevitably increase their tuition as demand rises. As a result, the impact government subsidies (such as Pell Grants and government guaranteed loans) will gradually be reduced to equilibrium. On the other hand, those students (or their parents) who pay their own way will be forced to bear the increased tuition caused by a market distortion of which they took no part in. Fact 2: Creating More Money For the Taking Colleges are rational economic actors. They factor any additional federal assistance into their tuition decisions. As the Boston Globe reported,
“Every dollar that Washington generates in student aid is another dollar that colleges and universities have an incentive to harvest, either by raising their ticket price or reducing the Xinancial aid they offer from their own funds.” Former secretary of education William Bennett felt much the same way when he wrote, “increases in Xinancial aid have enabled colleges and universities to blithely raise their tuitions, conXident that Federal loan subsidies will help cushion the increase.” The new student loan reform will only create more money for the taking. In essence the bill creates a cap on the price a student will have to pay that exists independent of the price of tuition. Consider the following example: College X has a tuition of $20,000 this year. which you pay for entirely through student loans. You graduate and Xind a job paying $40,000 a year. The new reform legislation mandates that you will pay no more than 10% of your discretionary income and only for 20 years. Now say College X raises its tuition to $50,000 a year. The amount you pay in student loans still cannot be raised above the 10% threshold and still may be forgiven after A weekly publication by the College Republican National Committee. Copyright 2010.
3.
20 years. To the student a $50,000 is relatively as affordable as a $20,000 tuition price tag. But as colleges increase tuition to capture the newfound money, someone must foot the bill. That someone is of course the federal government as funded by the taxpayers. So while low student loan payments may look enticing, a larger chunk of federal taxes taken out of your paycheck does not. Fact 3: Creating the Problem We’re Trying to Solve One of the major goals of the health care reform bill was to bend the cost curve to make health care more affordable. One of the main drivers of soaring prices has been its removal from a transparent free market. For instance, on average patients pay only 23 cents for every dollar of medical expense incurred. The rest of the cost is hidden by government subsidies like Medicaid or insurance plans. But if consumers are shielded from the true costs of care there is less market pressure and incentive for (1) them to control the consumption of health care and (2) providers to keep costs affordable. While we are desperately trying to solve the ever‐increasing cost of health care the government is creating a similar debacle in the cost of higher education. By mandating payment caps students wallets’ will begin to be separated from the costs of an education. But as they spend more freely, divorced from the worry of price, colleges will feel less constrained by market pressures to present a competitive cost. As Ezra Klein wrote about the cost of health care,
“Imagine if people who touched a hot stove felt only a small fraction of the pain from the burn . . . It hurts enough that we would prefer it to stop, but the urgency is lost.” As reform is instituted and costs are artiXicially held down students and parents will begin to lose their urgency for tuition control. Eventually we will be facing the same cost problems as in health care. It will be a problem of our own creation. Bottom Line: Enjoy the extra beer money while you can...you’ll likely be paying it back in higher taxes for the rest of your life. A weekly publication by the College Republican National Committee. Copyright 2010.
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