I feel like we're missing an obvious point here. From
@firegiver 's explanation, his wife's loan has absolutely zero to do with the federal government and loan bailouts and 100% to do with a lender breaching a loan agreement. As such, the answer isn't a national student loan bailout, but rather for
@firegiver to sue the lender for breach. Have you done this yet?
And there is merit to preferential economics for high societal value, yet low wage careers (like social work). But you don't do it retroactively as a loan handout attempts to do. Here's a better way that I've described on here before.
- Rate general college loans based on some likelihood of repayment factors, just like any other loan. Institution quality, degree job prospects, etc.
- Carve out high societal value degrees and careers like social worker, teacher, etc.
- Create an incentive for low or 0% interest loans for these degrees. Include post-degree job requirements to maintain the low/0% interest.
- Issue these loans based on a merit system with regional boundaries. The most qualified get the preferred loans. Perhaps super high achievers even qualify for future loan forgiveness if certain criteria are met.
- This gets highly qualified students competing for high societal value degrees by offering this financial incentive via the restructured student loan program.
Our politicians and most voters are either stupid or incompetent. Just forgiving loans is absurd. Fix the freaking foundational problem - the federally-backs student loan programs that have allowed college tuition to skyrocket and saddled people with too much debt.