There are people (it seems semi-common with dentists) to have over $1m in student loan debt. So we give $1m to everyone in the US and that’s a $340 trillion dollar program. That doesn’t fix the problem, as the next generation will have to take out loans again, because they didn’t get any of that money, so we’ll be right back here in 20-30 years.
The GDP of the entire world is $105T, so we’re talking more than 3x the GDP of Earth. Not so “easy”. We’d have to print so much money it would all become worthless, go into hyperinflation, and the global economy would take a shit as the world’s reserve currency becomes garbage overnight.
That’s what I want and have been saying in other comments. If the government stops backing these loans and the loans need to make actual sense, they would be much smaller. And when the loans are smaller the colleges have to trim the bloated administration so it becomes affordable again, ideally to the point where some people can work while going to school and cash flow it, if they get a decent enough job… or save up during high school.
Do that and they fix the problem for all the new people and loan forgiveness or not, it will all work itself out in time.
Easy, give everyone the amount of the person with the most student loan debt.
I’m going to assume this is a joke…
There are people (it seems semi-common with dentists) to have over $1m in student loan debt. So we give $1m to everyone in the US and that’s a $340 trillion dollar program. That doesn’t fix the problem, as the next generation will have to take out loans again, because they didn’t get any of that money, so we’ll be right back here in 20-30 years.
The GDP of the entire world is $105T, so we’re talking more than 3x the GDP of Earth. Not so “easy”. We’d have to print so much money it would all become worthless, go into hyperinflation, and the global economy would take a shit as the world’s reserve currency becomes garbage overnight.
Make the ones giving out these loans responsible for funding the program. After all, they’re responsible for its necessity in the first place.
That’s what I want and have been saying in other comments. If the government stops backing these loans and the loans need to make actual sense, they would be much smaller. And when the loans are smaller the colleges have to trim the bloated administration so it becomes affordable again, ideally to the point where some people can work while going to school and cash flow it, if they get a decent enough job… or save up during high school.
Do that and they fix the problem for all the new people and loan forgiveness or not, it will all work itself out in time.