EDUCATION WATCH : Saving a Good Deal

Millions of American students depend on government loans to get through college. Historically, most have repaid their debts after graduation. But until federal education officials finally got tough, nearly one in five reneged on the loans after leaving school. These deadbeats--more than a few affluent doctors, dentists and lawyers among them--sent the default rate soaring to above 22%.

This embarrassing figure has posed a political threat to a program that has been a godsend to countless college students. Congressional Republicans, unconvinced that the federal Education Department can properly manage the program, have proposed limiting it to coverage of just 10% of all college loans. Currently, there is no limit on the number of students who can benefit. The Clinton administration, touting the success of its crackdown, supports a broader application.

Failure to pay off the loans is no longer without consequences. The government now sues borrowers who are in default, keeps any federal income tax refunds they are owed and garnishes their wages. The crackdown has halved the default rate. During the last fiscal year, the government collected $2 billion in defaults, dropping the defaulted sum to $400 million from 1992’s high of $1.7 billion.

Nearly half of the nation’s college and university students need loans. The federal government offers one of the best deals around. But repayment should be a given. Taxpayers, and the next generation of students, deserve no less.