> These days almost all student loans (90+% of the dollar amount) are being issued by the feds.
Well that makes it easy. Forgive those loans and then stop issuing them. Force the universities to come up with reasonable programs with reasonable tuition. Universities have gone from institutions of learning to scams exploiting students and low-paid lecturers alike.
And what about the people who have already paid off their federally backed loans via their own hard work? They seem to get the short end of the stick in this case.
Yes! I would not want to see these loans forgiven if they didn't also stop them at the same time.
There's pretty clearly not, not even in the dominant wing of the Democratic Party, despite people—mostly in the progressive wing of the Democratic Party—expending a lot of effort to try to build it. It's possible there might be in the future, even perhaps the near future, though having a plan to prevent the problem from recurring and tying it in with the forgiveness makes that a lot more likely.
> Prior to 2010, Federal loans included 1) direct loans originated and funded directly by the United States Department of Education and 2) loans originated and funded by private investors and guaranteed by the federal government. Guaranteed loans were eliminated in 2010 through the Student Aid and Fiscal Responsibility Act and replaced with direct loans because of a belief that guaranteed loans benefited private student loan companies at taxpayers expense, but did not reduce costs for students.
https://en.wikipedia.org/wiki/Student_loans_in_the_United_St...
> Most student loans — about 92%, according to a June 2020 report by MeasureOne, an academic data firm — are owned by the U.S. Department of Education.
https://www.nerdwallet.com/article/loans/student-loans/stude...
The MeasureOne link: https://www.measureone.com/resources
These days almost all student loans (90+% of the dollar amount) are being issued by the feds.