One of the worst blunders in American history was the decision to let the federal government get into the business of financing higher education. The gusher of government money has driven up the cost of college while driving down its worth.

In today’s Martin Center article, Jeffrey Degner explains that federal student lending has become “a multi-generational financial trap.”

The victims of bad college borrowing are not just young Americans, Degner shows. He writes, “It’s Gen Xers and older generations, those aged 50-plus,........

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