Inspired by President Obama’s cheap election-year politicking, Congress has launched into a frenzied, bipartisan panderfest over the Stafford loan program. Late last week, an emotional House speaker John Boehner led House Republicans to vote for an Obama-proposed giveaway he’d denounced just a few days previously. For those who don’t eagerly track the ins and outs of federally subsidized student loans, here’s the deal: Five years ago, in a piece of cheap political theater, Democrats in Congress wrote an additional sweetener for federally subsidized Stafford loans into the College Cost Reduction and Access Act. Beyond offering college loans at a guaranteed...