Biden's student loan forgiveness is a bad idea. So is not taxing colleges and universities

Biden's strategy for forgiving student loans is only one piece of the higher education mess. The institutions have used nonprofit status to bring in hundreds of billions of dollars.

Forgiving student loans and the resulting tax liability is bad policy. But the bigger windfall is the tax exemption for public and private colleges and universities, the very institutions that pocketed the $132 billion in tuition those loans financed.    Scott Hodge is president emeritus and senior policy advisor at the Tax Foundation, a nonpartisan tax policy research organization in Washington, D.C.  

Forgiving student loans and the resulting tax liability is bad policy. But the bigger windfall is the tax exemption for public and private colleges and universities, the very institutions that pocketed the $132 billion in tuition those loans financed.