"Those have ballooned by 60 percent in the past five years alone to more than $900 million, while grants-in-aid, like Pell grants, have tripled in value over the past decade," Herman wrote.
"Knowing that Washington is going to pump in money to make college more 'affordable' only encourages colleges and universities to raise their tuitions and fees and ignore cost efficiencies, including administrative and bureaucratic bloat," Herman said.
"The search for loan-subsidized customers encourages schools to lower academic standards, inflate grades . . . and offer more 'pop' courses and trendy majors so that students can glide along and earn an easy degree.
"Meanwhile, those who have dined on such lighter-than-air academic fare wind up saddled with debt and increasingly unable to find a job that can pay it off."
This is damning stuff, and there will be outrage in some quarters.
It should be remembered, when that breaks out, that's there's plenty of reason for outrage over the situation American kids have to deal with now.
Today's college experience is turning them into what Herman called "debt peons."
The politicians who have grandstanded about making college "more affordable" should be taken to the woodshed for that.