Why college aid isn’t making college more affordable for students

I’ve been seeing this, from inside and outside, for years and years…

Kyle Wingfield

College grads have mostly waved goodbye to the extra aid Washington has sent their way in recent years. (AP Photo / Matt Rourke) College grads have mostly waved goodbye to the extra aid Washington has sent their way in recent years. (AP Photo / Matt Rourke)

From the Department of Unintended But Widely Predicted Consequences (via the Wall Street Journal):

“The federal government has boosted aid to families in recent decades to make college more affordable. A new study from the New York Federal Reserve faults these policies for enabling college institutions to aggressively raise tuitions.

“The implication is the federal government is fueling a vicious cycle of higher prices and government aid that ultimately could cost taxpayers and price some Americans out of higher education, similar to what some economists contend happened with the housing bubble.” (links original throughout)

As the article goes on to say, this consequence has been predicted at least as far back as 1987, when then-Secretary of Education William Bennett warned of the aid-fueling-tuition-hikes phenomenon in a…

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