During a talk at Florida State University, Vice President Joe Biden admitted that government intervention and federal loans that offer subsidies for students to attend college have greatly led to the increase in college tuition.
In taking questions in the Tallahassee campus now, Biden was asked with a student whether by manipulating variables within the free market and supplying government subsidies could perhaps be partially accountable for rising tuition costs, reports Real Clear Politics.
\”Government subsidies have impacted upon rising tuition costs. It’s a conundrum here. But if we went the speed your look at the free market route what we would have done is we would have not of done that. We\’d not have increased pell grants, for example. And there could be 9 million fewer students in college today.
\”And there would be thousands and thousands and countless students who would not be attending college who don’t get Pell grants since there was no ability for them to borrow money through Perkins loans and/or possess the tax deduction.\”
He then continued to admit that, in a pure free market, college tuition would have to be lower since there would be fewer people going to school.
\”But the end result is we would probably have — we go for the better part, half a generation, of going 16th in the world maybe down to 20th in the world.\”