Just stop giving out any more government-provided student loans — and focus on recovering that which has already been paid out.
Our young people will become better people by actually having to work for their studies and being wiser consumers on the education they purchase, and we will start to trim down the massive, Marxist, hate-America propaganda system that our tax dollars has funded.
There should be claw backs from some of the colleges, too. They are very much complicit in this scam.
We have to write off and take the hit on much of what’s owed.
There are seniors in their 70’s and older being crushed by student loan payments from loans they took out in the 1970s and 1980s.
Maybe they shouldn’t have, but they did. And, I’m not interested in passing judgment.
The costs associated with collection would far outstrip what little can be collected.
Currently, payments are income based, leaving the possibility of $0 per month.
If people don’t have the income, how do you plan to collect?
There are also generous carve outs for some borrowers who take qualifying “public service” jobs.
Meanwhile, universities sit on *billions* in endowments and jack up tuition every year.
President Trump actually drafted a proposal that makes good sense, but, it was resoundingly rejected.
Congress was caterwauling, predictably, about Trump’s plan to cut the carve outs.
The President wants a cap of 12% of discretionary income in payments, with the entire thing wiped out in 25 years. That would take the burden off of seniors. I saw a news report about a 94 year old studying for his real estate license. He has to get a job to pay his f*****g student loans at 94.
Any assaults on the universities; this I can support. But, harassing people until the day they die, no. Wasting taxpayer money chasing people who can’t pay is just stupid.