On one hand, student debt is only a problem for the people who signed for the loans. That’s the Tough Love approach – make those that benefited from it responsible for repayment.
On the other hand, permanently saddling people with responsibility for a debt that was incurred when they were barely legal adults, doesn’t seem quite fair. And, that debt, which many took on to prepare for careers, is – unlike someone who blew through $50,000 on women, alcohol, and fast cars – not dischargeable in bankruptcy. That kid is stuck with that debt for LIFE.
And, for his/her parents, AFTER that student’s death, if they co-signed the loan.
Say what you will, no other debt (other than IRS unpaid taxes) is lifelong. It does have the same lifelong obligation as slavery did. We stopped that whole debt imprisonment (well, except for men who got behind on their child support, and those that owed the court money for fines, and…where was I going with this?).
I’m linking here to a possible solution that falls between the complete forgiveness option (good luck with getting that, no matter HOW Leftist the Congress becomes), and telling the debtors, “tough luck, you were an idiot to trust us” (Animal House lovers will get that reference.
Anyway, it’s a starting point. The longer we put this off, the more the unwary former students will think that Bernie and his Dem bros are making sense.
We need to put this generation on the road to home, family, and a fair shot at life.