The High Cost of College
To the Editor:
In his superb article, “The Scandal of College Tuition” [August], Thomas Sowell glides a bit too quickly over the effects of the federal student-loan program and other financial aid. Far from “mitigating” the impact of higher fees, I suggest that readily available student loans cause them.
How’s that? Most people will agree that if a government runs amok in the seigniorage department and prints too much currency, it will spark inflation of the sort that results from “too many dollars chasing too few goods.” In inaugurating the student-loan program, the government has printed a special sort of “money” that can only be used to buy a college education—and printed it in abundance.
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