Student loans have done four things, all of them bad.
Jack up the cost of education
Make students debt slaves for the rest of their lives
Unjustly hand over huge profits to schools like the University of Phoenix at taxpayer expense
Add to the national debt
The best thing to do with student loans would be scrap the program entirely.
It's time to scrap the entire student loan program -- more $billions going where ? ? ?
Since student debt cannot be discharged in bankruptcy, and since universities get paid by the government, the universities (even legitimate ones) do not care how many lives they destroy. If colleges want to lend directly to students, nothing stops them. However, those debts should not be guaranteed by taxpayers.
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