My solution is to let graduates discharge the debt through bankruptcy (currently not allowed by law) and let the institutions holding the debts sue colleges and universities for some portion of their losses.
With a little luck some of the worst colleges will fold and the rest will close up the really stupid departments like “Queer Studies.”
Finally, no more gub’mint backed student loans except maybe for STEM majors with really good grades and standardized test scores (gonna need to revamp the standardized tests, too, to get rid of the political correctness infecting them).
let the institutions holding the debts sue colleges and universities for some portion of their losses.”””
Obama moved the school loan debt from the local bank that knew your family to the Federal Government. He created a whole new bureaucracy to ‘handle ‘ those loans. They are beyond inept. Friend has her loan payment deducted automatically from her bank account. Since Obamaloans took over, she has had to go into bank with evidence at least 2 times a year & get proof of every payment being made timely & then get that info into the head of the local Obamaloan representative. It is a giant hassle for self employed person.
Other reports here on FR indicate that the money from those loans is being used to pay current Federal Pensions.
IF that is so, apparently, no one has informed Bernie of this. I don’t think Bernie even balances his own checkbook. He isn’t smart enough.
The constant drumbeat that you will never be successful unless you go to college isn’t true, and it isn’t helping this problem.