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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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[–] ilinamorato@lemmy.world 20 points 1 year ago

Ban, no. Cap, maybe. Completely overhaul, yes.

Any school that receives any public funds should make school completely free to all students with a permanent address in that constituency. If my tax money is going to a school, I shouldn't have to pay tuition for my kids to go there.
Students who graduate and are not offered (or are laid off or fired without cause from) a job that provides them sufficient pay and benefits to get them to 300% of the local poverty level should be forgiven each month's payment for as long as they are in that state. Not deferred or paused, forgiven.
Anyone who graduates and takes a job with a federal, state, or local governmental entity or nonprofit organization should likewise have their student loan payment forgiven for every month they are employed.
Anyone who takes a K12 teaching position after graduation should have their student loans forgiven at a rate of one year's worth of payments per month of teaching.
Student loan forgiveness should be taxed at 0% in every state and nationally.
Student loans should be capped at a total value that would limit repayment to 10 years, while allowing a student to maintain an income after repayment of 300% of the poverty line during that time. After reaching the cap, if the student is more than 50% complete with their degree, they should be permitted to complete that degree.
Students who do not graduate, or who change their major partially through the program, should be able to apply the value of tuition already paid, adjusted for inflation, toward eventually returning to school; or pass that credit on to a child or other family member.

This is just off-the-cuff; I haven't thought about the implications of all of these. But I think it would help significantly.