The student loan industry is predatory and outrageously greedy, no doubt. The industry has lobbied effectively against government support for higher education driving up both costs and the need to borrow money to cover those costs. Despicable, while charging outrageous interest rates on loans that cannot be discharged in bankruptcy.
At the same time university administrations have become redundant, inefficient, and massively self-overpaid - further adding to the costs of attending college.
Combined the effect has been massive increases in the cost of obtaining higher degrees with little or no choice but to borrow huge amounts of money to pay for it - encumbering an entire generation with crippling debt before they have even gotten started in life and severely hurting this country in the process.
However, a one time cancellation of student debt accomplishes little and does not address the problem. What is needed instead is a major overhaul of the student loan industry, the reeling in of the unbridled greed of college administrators, and an increase in government tuition subsidies with rules attached to effect a leaner, more efficient, university system. These measures are necessary and are in fact way overdue. They would serve to lower the cost of higher education by tamping greed and increasing efficiency, decreasing the need to borrow to get ahead, helping both students and the country to a brighter future, permanently.
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