The federal student loan program is becoming so costly to taxpayers that even President Obama is pretending to fix it. Readers will recall Mr. Obama as the man who has spent much of his Presidency expanding this program, creating new ways for borrowers to avoid repayment, and then campaigning about these dubious achievements on campuses nationwide.

Now Team Obama is acknowledging that his policies are turning out to be more expensive than he claimed. Participation in federal debt-forgiveness programs is surging. In a mere...