This is a plan I can actually support. It would kill the student loan program completely and students would be expected to pay their own way, 100%.
Actually, it would not kill the majority of the student loan industry since the taxpayers now backstop most of these loans (thanks to the 110th Congress).
The banks will get their money regardless.
If the student defaults, the taxpayer pays the loan.
I’d even be willing to make a deal.
We forgive all current student loan debts in return for cutting all federal funding of colleges and student loan programs.
We’ll see how dedicated they really are.
You don’t think people should have to pay back the thousands of dollars they borrowed to go to college?
I can’t help but wonder if they learned the exact wrong lesson from the city managers telling them that they must follow the law and then letting them break them, and the cops arresting them and then the courts dismissing their cases en masse.
They now think that they can misbehave with impunity. I seriously doubt that the finance industry is going to let them skate on their obligations.
More likely what we’ll see is most of an entire generation sentenced to self-imposed financial exile and relentlessly hounded by collection agents. Works for me.