Ron Paul, Newt Gingrich Lecture on Student Loan Bubble

Ron Paul and Newt Gingrich slapped down questions about student-loan debt.

Paul said he would kill the federal student loan program, saying, "Any time government gets involved in delivering a service, it brings higher prices, lower quality and creates bubbles."

When asked how students would pay for their college education, Paul responded: "Like they do for cell phones and computers."

Newt Gingrich said government's role in student loans "merely expands the ability of students to stay in college longer because they don't see the cost."

Meantime, he said the money flowing through colleges and universities continues to swell spending.

"The day is coming when there will be one administrator for every teacher on campus," he said.

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