Editorial Board

Student Debt 101

How Obama can build on the success of his student-loan program without breaking the budget.

Enjoy it, because you'll be paying this off for a long time.

Photographer: Tony Avelar/Bloomberg

President Barack Obama's efforts to reduce defaults on federal student loans are proving popular with borrowers. Unfortunately, that's not such good news for taxpayers: The program's expected costs have just grown by $22 billion. The student-loan system and the administration's approach to reforming it need another look.

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