re: When do the DEMs/Biden get serious about some Student Loan Forgiveness?

Student loan forgiveness would not solve the problem, it would just kick it down the road and make it worse long term. The problem is that the government had no business being involved with loans to begin with. All this did was give universities a blank check to increase costs, add layers of useless administration, and offer degrees of negligible value. Cancelling student debt would just set the expectation that it would happen again in a decade or so and everything would get worse.

How to fix the problem?

1. Get the government out of the student loan business.

2. Banks could still offer loans but set interest rates and borrowing limits based on the expected future earnings of the degree being pursued.

3. Make universities have skin in the game by forcing them to co-sign on all loans, or even better, be the bank themselves and loan money to their own students.

4. Student loans become bankruptable with the caveat being that if you default, your degree is invalidated and the school can withhold transcripts and wipe out your grades.

Do these 4 things and you’d immediately see a vast change in how universities operate. Many majors and classes would become “cash only” as they have zero economic value. High value majors would see lower interest rates AND lower costs. Schools would have to compete with each other on price and the mountains of diversity and other useless administration would be dissolved. Fancy buildings, lazy rivers, and pointless courses like bowling would be relics as universities push to get students through as quickly and cheaply as possible so they can begin paying back the loans.