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Americans, how would you feel about making student loans completely illegal? (lemmy.world)

submitted 1 year ago by nodsocket@lemmy.world to c/asklemmy@lemmy.ml

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This would save young Americans from going into crippling debt, but it would also make a university degree completely unaffordable for most. However, in the age of the Internet, that doesn't mean they couldn't get an education.

Consider the long term impact of this. There are a lot of different ways such a situation could go, for better and for worse.

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[–] Lmaydev@programming.dev 5 points 1 year ago* (last edited 1 year ago)

The loans in my country aren't too bad.

It's not a normal loan, it doesn't appear on my credit checks.

It's provided by the government and has low interest.

You only pay it back once you earn over a certain amount and they take a single digit percentage of your wages.

It's more like a graduate tax as paying it off doesn't matter, short of not wanting it taken from your wages.

I earn around double the national average and pay around 100 a month. Which isn't a huge amount. Basically a decent meal out + drinks a month.