nope nope, there will be a drying up of school loans because no one has to pay them back, they have been turned into grants, so there will be a related drying up of slush to go around to the pony tailed “professors”
Remember - the student loan system has essentially been nationalized. So, any rational market response to loans not being paid back that you are envisioning....will not happen.
They will accelerate...’for the children’.
I can already see the scam now. Little Johnny gets a gazillion dollars in loans (much of which goes to the pony tailed professor), and he gets his gubmint job, to limit himself to 10 years payback. The terms of his salary, benefits, colas, allowances, etc. will be specifically tailored towards not being considered ‘income’ for the purposed of the 10% calculation. And there may even be a balloon bonus for 10 years of loyal service (deferred compensation).
I can even see ‘government service’ being morphed into ACORN like jobs, since they are ‘getting out the vote’.
Its a new opportunity for political money laundering.
And we will pay for it...Obama has already telegraphed his intent - the evil millionaires will pay for it.