having thought a bit about this the other day, it seems to me that there's a real moral hazard in cancelling all the debt for everyone (much like tax holidays f

having thought a bit about this the other day, it seems to me that there's a real moral hazard in cancelling all the debt for everyone (much like tax holidays for corporate cash repatration). i'd rather start with a more modest forgiveness of interest, fees, and penalties for everyone, leaving the original loan amount, as agreed to by the student. then institute a (smoothly) graduated forgiveness of principal, based on yearly income and modulated by household wealth (i.e., means-tested), so that debtors making less than median income with modest or no household wealth would get large portions of their principal forgiven, but folks making more than twice median income or having significant household wealth would get much less to none forgiven.