Without those repayment terms nobody would have voluntarily made those loans to what were bad risks.
To after the fact take away those terms would be a criminal redistribution of wealth to those who by all means ought to be able to repay—if only they’d make the work and lifestyle choices to do so. Often, their parents could have paid anyway, but chose not to because of the loans—which were made at very low rates anyway.
Obama already has a program by which students can ditch their debt by keeping a low-paying job and paying pennies on what they owe. That is already grossly unfair and distortive of the market.
Absolutely! And that would have been a good thing! Those repayment terms have created a perverse situation.
To after the fact take away those terms would be a criminal redistribution of wealth
And what form does that wealth take? It's the borrowers themselves that are the wealth. The government has promised the future product of these borrowers to the lenders and these borrowers have no escape. Borrowers have essentially sold themselves into slavery. If there is any redistribution of wealth, it takes the form of the borrower being given back his own body.