Plays into Bernie's hands. Nobody should have to whore for college, so let's make the taxpayer pay for it! What's really needed is a dope slap at colleges who have had their tuitions increase at 4x inflation for decades.
The real fix for crippling college debt is NOT socializing it a la dumbass Bernie. It's letting the market decide the cost of tuition.
You are probably saying, "OK, aj. I'm interested. Tell me more"
Right now, the demand for college is biased because the loans are basically free to get. The reason for that? Because a college loans is immortal. It cannot be discharged via bankruptcy or via death. It is the surest money a bank can load because there is literally a government gun making sure that the loan is paid with interest.
My solution is simple: remove that immortality. Remove the protections that big banks enjoy on student loans. Lets students discharge loans via bankruptcy and start over.
You say, "how will that help, loans will be MORE"
And I say, not necessarily. It means that loan UNDERWRITING and SUBORDINATION will have to occur. And that means collateral. Your collateral on a student loan will be the present value of your future earnings as projected by your choice of study. Guess what? Engineers will easily get loans, philosophy majors will not get loans.
And you say, "won't the world be worse without a lot of unemployed philo majors!"
To which, I say "
"
And I also point out that colleges would need to make their philo departments COMPETITIVE in a new marketplace and the cost of a worthless PhD in Philosophy will PLUMMET. Maybe return the teacher/admin ratio to 1:1 and not 1:12 where it is today.
This is called a "market solution" that is infinitely better that that wrinkled fool Bernie, who would just socialize the liberal arts stupidity being vomited out by the colleges today.
