Rather than wiping the slate clean on student debt, Washington should take a hard look at reforming a broken system. Most young Americans never earn a college degree, and far too many of those who do are poorly served by sclerotic institutions that offer regularly overpriced degrees producing too little life transformation, too little knowledge transmission, and too little pragmatic, real-world value. Well-meaning and incredibly gifted members of faculties, administrations, and boards of trustees genuinely want to help students move up the ladder, but the current incentives don’t encourage the kind of programmatic innovation and pluralism that can help poor and middle-class Americans build a sufficiently durable foundation.
