[RightGeek]

And for illegal aliens too no doubt.

[originalbuckeye]

As soon as the Student Loan Programs were taken into the Government, I figured this is what Obama wanted. An accelation into bankruptcy for the USA.

[mountainlion]

It would be only fair to cancel all taxes also.

[gspurlock]

Ok, so who is going to pay? All of us high school grads? . . . thought so.

[Mr. Jeeves]

Actually, I’m for this as long as the colleges have to pick up the tab. :)

[GraceG]

If they pay off all student debt does that mean I will get a refund for being responsible and paying off my debt years ahead of time??

I am guessing NOT....

[Moonman62]

If students were allowed to get refunds for worthless or substandard degrees, the product would greatly improve, schools would be more selective, and liberals would have one less racket.

[Shadow44]

I think there’s going to be some restructuring that has to be done to stop it.

Loans probably will have to stop being subsidized. I also think it’s a bit ridiculous that the bankruptcy laws were changed to make it impossible to default on them. A loan is a loan.

Doing so stops the universities from inflating tuition with junk programs and services that aren’t needed.

Duquesne for example responded to decreased enrollment by cutting its MBA costs by 25%. Imagine that, it boosted enrollment!

[nascarnation]

Warren is all over this one.

It will lock in the millennials for her.

[Junk Silver]

The “Cancel all student debt” movement is sort of like a an automatic Democrat-campaign-ad generator. Obama and all his minions know that the Republicans would never let this happen so they can crow about it endlessly.

“President Obama and (*Democrat candidate name here*) have been fighting to forgive all student debt so that hard working young Americans can join the middle class, but the Republicans would rather give tax breaks to their millionaire friends...”

[GraceG]

I signed up and created an account at @clintonemail.com

mwahahaha

[oldbrowser]

This sounds like something that might come out of the Idi Amin school of government administration.

[BitWielder1]

Free for you is expensive for me.

[Brooklyn Attitude]

Lets just skip all this nonsense and go to the final step which is “Everything is FREE!”. The ultimate in Hippie economics.

[clintonh8r]

I think the Gibsmedats are more generational than racial.....

[Fungi]

Rush predicted this. How about canceling ALL debt, public and private, including credit cards, home loans, all federal and state taxation, etc. That is the logical consequence of this action. Why not?

[bgill]

Ya know, I paid my college in full at the beginning of each semester. Taking as many hours as possible and going year round, I graduated in 3 years. I did get a scholarship that almost covered my books as long as I purchased the cheapest used texts as possible. When it didn’t, the library came in handy. I worked p/t for spending money. Funny how I didn’t owe a dime upon graduation. Our kids don’t owe a dime for their college, either. I’ll be if after we’ve sacrificed to stay on budget to let all those who can’t get off scot free with us footing their bill.

[Logical me]

It will happen and the communists democrats will gain millions of voters. America will go deeper into communism than it is now. America is finished.

[Jim Noble]

and that asset holder will demand to be made whole in the form of more debt elsewhere or else, like Hank Paulson in 2008, it will scream mutual assured destruction and threaten to blow up the world unless bailed out

By substituting debt for constitutional money, the banks have solved their age-old dilemma: If you owe the bank a thousand and you can't pay, YOU have a problem. If you owe the bank a million and you can't pay, THEY have a problem.

The debt-consumption based economy is dying. The signs are everywhere.

The socialization of risk will end here, as it has ended in Iceland.

[Iron Munro]

[Myrddin]

Schools have to pay rent, utilities, staff salary, maintenance for buildings. Those are sunk costs. No way to "unspend" the money. No tangible asset to repossess. One form of recourse would be to decertify the academic units and degrees for those who fail to pay. Nail the credit rating of the parties to failed to pay as well. It's not right for the taxpayer, schools and landlords of these "students" to bear the burden for benefits enjoyed using the student loan.