I’m really not trying to start a debate, I just want to understand why there is a dilemma, and how exactly it would work if passed.
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The dilemma is this: colleges in the US haven’t had to control their costs for the last several decades. Thats why they are so expensive, because they can be.
The government and private banks have been willing to loan huge amounts of money to 18 year olds, because they know for sure they’ll get paid back. Eventually. It doesn’t matter if Johnny takes out $200,000 for an art history degree, he’s got to pay it back at some point. Colleges can charge as much as they want and banks/the government will still hand out those loans.
The problem is that if you waved a magic wand and all the existing debt disappeared, you’ve just kicked the can down the road. College tuition won’t decrease at all. The next batch of students will have the exact same problem.
You’ve got to bring down the cost of tuition first. Keep in mind that colleges have quadrupled the size of their administrations in the last 30 years, and all those people get paid. But it’s not politically popular to fire all those folks.
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