Before the government started guaranteeing student loans, college was cheap. Then in the late 1960s when the voting age was lowered from 21 to 18 (when college starts), politicians tried to buy the student vote by guaranteeing college loans.
Explained in this one minute clip.
The winners are not the students, but the colleges who started jacking up prices when they saw their student customers have access to cheap money.
Between the lines: Now that the government is forgiving student loans, we can expect the cost of a college education to rise further.
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