The FFELP student loan program was a good deal for borrowers and taxpayers alike. It allowed millions of American families to pay for the cost of a college education with affordable student loans. The program has been well run over the past forty-two years, which is what makes the Congressional Democrats’ actions so incredible.

Since the program’s inception, the college graduation rate has tripled, and many people who would not have gone to college got the opportunity to pursue their dreams. The value of a college education is indisputable. People who graduate from college make more money than people who don’t. It’s just that simple. We’re not talking about a few bucks, either. We’re talking, on average, of $1.2 million more in lifetime earnings for college graduates than for those who don’t go to college.

That $1.2 million is income on which taxes are paid. It’s income that people use to buy houses and cars, travel, pay for their children’s education, and save for retirement. A college degree pays dividends long after the student loans that funded it have been repaid. This is especially true for students from lower- and middle-income families, for whom a college education is not a guaranteed thing.

Since the mid-60’s, the FFELP program has been in place to ensure that students made it through college and were given the chance to contribute meaningfully to society and to share in the prosperity that a college degree offered. More students than ever before are expected in our nation’s colleges and universities in the next ten years. Unfortunately, they’re not the trust-fund types that come prepared to pay out of pocket. They’re the students that President Johnson was trying to help with the FFEL program.

Congress has just issued the most striking blow to that program, and in the process, has jeopardized the educational well being of millions of American students who are not even old enough to enter college yet. The opportunity for those students to get through college has been struck down, and they don’t even realize it.

The cost of higher education is crippling and Congress has done absolutely nothing to change that. Forty-two years ago, President Johnson recognized that the cost of education was a barrier to entry. Well, the barrier still exists. Tuition rates are skyrocketing and Congress hasn’t done anything to solve the real problem. Now, Congress’ commitment to helping students overcome the barriers to entry is wavering. With more after-tax incentives to save for college, and fewer opportunities to pay for college, Congress is washing its hands of the whole question of exorbitant tuition increases. The bottom line for most American families is that if you haven’t saved enough for college, under this legislation, there’s a good chance you won’t be going.