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market prices and signals to influence educational borrowing, introducing consumer-driven accountability into higher education. Pell grants should retain their current voucher-like structure.

If Congress is unwilling to reform federal student aid, then the next Administration should consider the following reforms:

• Switch to fair-value accounting from FCRA accounting, and

• Consolidate all federal loan programs into one new program that 1. Utilizes income-driven repayment, 2. Includes no interest rate subsidies or loan forgiveness, 3. Includes annual and aggregate limits on borrowing, and

4. Requires “skin in the game” from colleges to help hold them accountable for loan repayment.

The Biden Administration has mercilessly pillaged the student loan portfolio for crass political purposes without regard to the needs of current taxpayers or future students. This must never happen again.

e_ As detailed in Section III, the next Administration should work with Congress to spin off federal student aid into a new government corporation with professional governance and management.

NEW POLICY PRIORITIES FOR 2025 AND BEYOND

New Legislation That Should Be Prioritized

For nearly 250 years, Congress has incorporated public and private institutions, including banks, the District of Columbia’s city government, and other organizations that federal officials deem to be conducting operations in the public interest. Such charters offer a certain status to organizations, often viewed as a “seal of approval” according to one Congressional Research Service report, which can help these organizations in their fundraising and other advocacy efforts.

When the nation’s largest teacher association, the National Education Association (NEA), cites its federal charter, it lends the NEA a level of significance and suggests an effectiveness that is not supported by evidence. In fact, the NEA and the nation’s other large teacher union, the American Federation of Teachers (AFT),