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What would it take to completely wipe out all student debt? In theory, could a Presidents pen stroke do it?
by brador 11y ago
What would it take to completely wipe out all student debt? In theory, could a Presidents pen stroke do it?
- DrScump 11y agoObama has already done such a giveaway, writing off student loans for certain schools that were paper mills and shut down once they got any scrutiny. The loser? Taxpayers. Instead of discharging that debt, he could have offered to apply that balance to genuine, accredited programs (e.g. if the student had $80K in debt principal, she could get the first $80K taken from that balance instead of new debt). In other words, they made that money commitment in search of a degree -- they shouldn't just dump all that on the taxpayers with no societal gain from it. Another parallel taxpayer-funded debt reduction done by the current administration was to change such windfalls to non-taxable (as regular income, as it always had been), again at the expense of other taxpayers.