Free college tuition is not a viable idea, Education Minister Betsy DeVos told Fox & Friends on Wednesday.
– First of all, there’s nothing free. We know someone has to pay for it, ”DeVos said.
DeVos said the pursuit of a free college was essentially a “government takeover of higher education,” which disbanded quality and choice.
“American higher education is envied by the world,” he said. “It must continue to be an open market for innovation and creativity, in fact, we see more today than ever before, it must continue to grow and prosper, not be taken over by the government and not classified as really stifling the future of too many young people el. “
Meanwhile, President-elect Joe Biden faces growing pressure to cancel student loan debt on his first day in the White House – a new analysis, however, could be disproportionately beneficial to wealthy Americans.
A working paper by Monday’s Becker Friedman Institute of Economics at the University of Chicago shows that canceling all student loan debt would split $ 192 billion among the top 20 percent of earners in the U.S., but the bottom 20 percent of U.S. households are only $ 29 billion.
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Under the universal lending program, the highest-earning borrowers would receive an average of $ 5,944 in forgiveness, while the lowest-income borrowers would receive $ 1,070 in forgiveness, according to a study by economists Sylvain Catherine and Constantine Yannelis.
FOX Business Fellow Megh Henney contributed to the report.