MOSCOW, Idaho, Sept. 22, 2022 /PRNewswire/ — New Saint Andrews College, one of only a handful of colleges across the US to refuse federal money, is taking a stand against the White House’s attempt to cancel federal student loans and is calling on more schools to speak out against Biden’s plan.
“Redistributing federal student loan debt to taxpayers reinforces poor financial decisions, ruins the public’s trust in higher ed, exacerbates our current inflationary economy, penalizes colleges that decline to take federal funding, and prolongs higher education’s game of hide and seek with financial realities,” said Dr. Benjamin Merkle, president of the Idaho-based Christian liberal arts college.
“I’ve been referring to this as our ‘Big Ed’ problem,” Dr. Merkle said. “I believe more and more parents and students have added higher ed to a growing list of other ‘big’ businesses that abuse power to get easy money.”
Dr. Merkle added that many political leaders on both sides of the aisle can see the road this is taking us down and how it drives higher ed to an even more precarious position than it’s already in.
Dr. Merkle gave three reasons why more colleges should oppose this new program.
- First, Biden’s plan doesn’t really cancel student loan debt. It just redistributes it to other taxpayers – many of whom did not attend college or have already paid back their debt. This is not equitable, fair, or right.
- Second, moving the debt from the students who signed up for the student loan payments in the first place to the taxpayers who didn’t will create a series of ripple effects that will be hard to reign in. Our nation’s young people will learn that loans don’t need to be paid back and taxpayers will grow more skeptical and bitter toward higher ed.
- Third, the more that higher education participates in these federal loan programs the more it becomes dependent on federal handouts. Essentially, we are fostering yet another industrial-complex where American industry and the government are embroiled in a “too big to fail” mindset that fosters highly irresponsible financial behaviors. Meanwhile, colleges that decline to take federal funding must work even harder to compete for students against institutions that are artificially propped up by the government and where the true cost of education is obscured by a loan cancellation program.
“Sadly, most colleges and universities appear to be far more focused on getting easy money to fund their expanding administrative staff and expensive amenities rather than on being financially responsible, developing rigorous and high value programs, or preserving the fundamental principles that made our institutions great in the past,” said Dr. Merkle. “This is not how the federal government or higher education should be treating hard working American families.”
For more about New Saint Andrews College visit www.nsa.edu.
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Omni cui multum datum est, multum quaeretur ab eo.
To whom much is given, much is required.
SOURCE New Saint Andrews College