That was a very thoughtful post, Mike.
I can see the flaw of the blanket forgiveness being implemented lump sum. I do think two things either need to happen or be maintained better.
One, there is no justifiable reason for the loan rates being as historically high as they were. Why were mortgages in the range of 2.8-4% when student loans were in the range of 6.8-7.5%? That’s horrifically unjustifiable at best.
The second thing I think is there should be a non-bankruptcy option for loan forgiveness, but like I said before, and like Pit delved into, I think bankruptcy should be an option as well. PSLF, peace corp, and other public service options I think are good, and they span over ten years, but they have - up through now at least - been horribly managed.
Here’s the other issue. If we keep churning out students with massive debt, they are going to increasingly influence Washington’s political makeup and policy decisions. That demographic already has to a large decree with what we’ve seen lately. Until it gets fixed, that increases, whether people like it, love it or hate it.
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