Agreed, but the generous student loans have made it possible for colleges to jack up their rates (much, much faster than the inflation rate).
I also went to school in the 1970s and it was common for people to pay their own tuition with a summer job and a part-time job during the school year. I went into the military and had $2,700 deducted from my pay during my four year hitch. When I got out, it was tripled and I received a $8,100 check to use for the school of my choice.
Back then, $8,100 would actually be enough to pay full tuition at a typical four-year college. Maybe not Harvard or Caltech but most schools back then.
So the colleges and universities brought this crisis on us and they should be held responsible for any college debt that gets written off. Make the schools hold the paper on these student loans. Every dollar of tuition relief needs to come right out of their endowment. Then see how much harder it will suddenly be for people to get school loans.
For university education in England, repayment is a percentage of a graduate’s income above a base amount that varies by country of post-school residence.
This method protects the student, but not the nation. Many loan balances will not get paid off by the graduate.
There is a feedback loop on the availability of loans and tuition costs because the schools only benefit