As states and the federal government pour money into early education, how will they keep a public good from becoming a private cash cow?

President Joe Biden said Wednesday that while a college degree was still a ticket to a better life, that ticket is often too expensive, as he announced he was canceling federal student loans for nearly 153,000 borrowers.

Biden, who is in the midst of a three-day campaign swing through California, made the announcement as part of a new repayment plan that offers a faster path to forgiveness, putting the spotlight on his debt cancellation efforts as he ramps up his reelection campaign.

“Too many Americans are still saddled with unsustainable debt in exchange for a college degree,” he said from a local library, before he went on to campaign-related events. Loan relief helps the greater economy, he reasoned, because “when people have a student debt relief, they buy homes. They start businesses, they contribute. They engage.”