As the default rate rises on federally backed student loans, President Obama has responded with a plan to make education lending even more expensive for taxpayers. That’s hard to do, but he’s determined.
In his first student-lending reform, which was rushed through the Senate as part of ObamaCare, Mr. Obama added $1 trillion to the federal balance sheet over the next decade by eliminating private lenders. Stage two, which he offered recently at the Denver campus of the University of Colorado, added easier repayment terms and debt forgiveness. Who says Uncle Sam is a scrooge?