I think they just need to let people default. Doubt it will ever happen though.

They’d have to change the law Biden personally made that prevents student loans from being removed in bankruptcy proceedings.

That would also fuck millions of American’s credit and lead to all kinds of problems in the economy. Letting everyone go bankrupt is not an acceptable government solution, they need to do something better.

Maybe you’re right. I admit I’m a bit naive on some of the economic implications.

I feel like allowing bankruptcy would punish the dumb borrowers somewhat, but NOT punish them with crippling debt for life, as is currently the case. It would also punish loaners (including the government) for lending money to people for fairly useless degrees who would never be able to pay them back.

I would argue though that the borrowers were not dumb. An entire generation of people told them “you have to do whatever it takes to go to college so you can get a good job” - that was a lie, and the people who told the lie should be the ones punished. The kids who trusted their parents, teachers, and government about this didn’t do anything wrong.