Perspective: How new student loan programs turned students into consumers — and ignited a competition among universities that left them drowning in debt.
The intensity of the fight stems from the fact that going to college is at the heart of the American Dream. At the same time, paying for college has become an American nightmare. Confronting this paradox has made Biden’s plan satisfying to very few, because of the lack of consensus on the topic.
In 1972, changes in federal student financial aid completely changed everything. A bipartisan majority in Congress enacted programs aimed at making college a viable option for more students from low-income families. The Basic Educational Opportunity Grant Program was the largest initiative. It relied on need-based grants to partially cover tuition and living expenses.