re: At least half of students defaulted or failed to pay down debt within 7 years

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Federal loan forgiveness already is a thing. It's called Public Service Loan Forgiveness, and you qualify if you work for a 501(c)(3) organization for 10 years and make 120 qualifying payments (monthly payments for 10 years). Once you make the 120 payments, the remainder of the loan is forgiven as long as you worked for a 501(c)(3) organization the entire time.

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Federal government is also using this to entice recent grads as well. It has to be offered by the agency, and it is typically a negotiation enticer during hiring.