Brookings concluded largely the same thing: https://www.brookings.edu/blog/up-front/2019/04/30/a-better-way-to-provide-relief-to-student-loan-borrowers/ https:/

Brookings concluded largely the same thing: https://www.brookings.edu/blog/up-front/2019/04/30/a-better-way-to-provide-relief-to-student-loan-borrowers/ https://www.brookings.edu/blog/up-front/2019/04/30/a-better-... > If that were the whole story behind the student debt crisis, then yes, there would be a good case for scrapping the system, forgiving loans, and starting from scratch as Senator Warren proposed. But it’s not. Most borrowers use the loan program responsibly to finance high-value investments. Among students in 2009 who had started college six years earlier, 44 percent hadn’t borrowed at all and another 25 percent had borrowed less than $10,000. Just 2 percent had borrowed more than $50,000. That document proposes: > The simple, obvious, mantra of reformers should be “don’t make loans we know borrowers would suffer to repay.” In practice, that means reversing many of the unwarranted changes of the last two decades: Reinvigorate and strengthen the accountability system and apply it to all borrowers. Restore loan caps for graduate students and parents. Allow private loans to be discharged in bankruptcy. Apply an ability-to-pay standard for parent loans (or get rid of them entirely) and make up the difference for low-income students with grants and loans. … and with new loan policies fixed, universal income-based repayment: > The right approach implements universal and automatic income-based repayment plans for all borrowers and repairs the damage inflicted on earlier borrowers for having failed to make such plans available in the past. Under the currently-available income-based plan Revised Pay as You Earn (REPAYE), borrowers pay 10 percent of their discretionary income (income minus 150 percent of the poverty line) for 20 years (25 years if a graduate borrower). Any remaining balance is forgiven (but potentially subject to income tax). > REPAYE should be the default repayment plan, and all borrowers should be immediately converted to this plan. (Borrowers actively making higher payments under a standard 10 year plan should be able to opt out if they want to repay their loans faster.) More: https://www.brookings.edu/policy2020/votervital/who-owes-all-that-student-debt-and-whod-benefit-if-it-were-forgiven/ https://www.brookings.edu/policy2020/votervital/who-owes-all..., https://www.brookings.edu/blog/up-front/2021/02/12/putting-student-loan-forgiveness-in-perspective-how-costly-is-it-and-who-benefits/ https://www.brookings.edu/blog/up-front/2021/02/12/putting-s..., https://www.brookings.edu/blog/up-front/2019/04/24/how-progressive-is-senator-elizabeth-warrens-loan-forgiveness-proposal/ https://www.brookings.edu/blog/up-front/2019/04/24/how-progr...