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Reply to "Canceling $10k of student loan debt is stupid."
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[quote=Anonymous]I agree OP. This is a policy with absolutely zero thought put into it. With income-based repayment, cancelling $10,000 is essentially meaningless for people with average debt amounts (around $30k). The remaining term and payment amount will basically be the *exact same.* And I definitely believe that this will end up increasing tuition amounts. OTOH, the moves to completely cancel debt for fraudulent programs is a very good and fair policy. What they need to do is exert downward pressure on college tuitions, get rid of bad programs more quickly (eg certain for profits), and improve imcome-based repayment especially for helping professions like nurses and teachers. The Obama Admin tried to do some of this but got caught up in absurd technocratic approaches. [/quote]
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