The Myth of Free College

By Vicki E. Alger

There’s no such thing as a free lunch, or free college. But that reality hasn’t stopped Democratic presidential hopeful Sen. Elizabeth Warren of Massachusetts from touting her trillion-dollar-plus plan.

Step one of her plan would cancel most or all of the student loan debt carried by nearly 45 million Americans, up to $50,000 per person as long as their household incomes don’t exceed $250,000. This step alone would result in a one-time cost of $640 billion.

Step two is ensuring...