President Biden recently announced a controversial, half-trillion-dollar student-loan-forgiveness scheme in which his administration would use a minor provision of the post-9/11 HEROES Act to excuse student borrowers from repaying roughly $500 billion in federal taxpayer funds. This regressive, unnecessary, and perverse maneuver promises to steer vast sums to affluent college-goers, even as it encourages colleges to be ever more cavalier about raising tuition and future borrowers to take on additional debt. Biden is sticking taxpayers with a half-trillion-dollar loss in order to subsidize borrowers who’ve decided college wasn’t worth the cost. That’s a pretty damning indictment of higher education. Even...