No, those who took the loans don’t need to have them paid off by someone else—especially by government fiat. What we need to do is to simply stop giving out student loans from the government. Go back to letting lenders make any loans they think are good and will be paid back. (E.g., for med school or engineering)
I 100% agree. I think one can easily trace the amount in student debt to the cost of tuition et al to obtain a degree. STOP the madness and STOP putting out government insured loans. Costs will go down quickly or collegescams will have to fund the exhorbantant salaries of administrators and professors out of their endowments. Case solved. Indebtedness will drop as nothing is heaped onto the government guarantee and if not, it will be expunged when the debtors die. BTW, one additional thing they could do is offer a program that the loan will be paid off if one pays off the original balance, not the penalties and fees with a one time payment. The loan originator gets their money back and gets to claim the excused accrued interest as a loss.