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Ya, then they promised to forgive all of the loans so that people would be willing to take out even bigger ones to drive prices up even higher. The purpose, of
by codefreeordie 4y ago
Ya, then they promised to forgive all of the loans so that people would be willing to take out even bigger ones to drive prices up even higher.
The purpose, of course, was a massive transfer of wealth to the colleges and universities which were an important political ally and perpetual source of newly-indoctrinated voters. But people wouldn't have supported "giving a trillion dollars to the elite colleges that support the party"
- gizmo686 4y agoThe only promise the government made to forgive loans is the public service loan forgiveness program, which was designed to encourage people to work in underserved areas without offering a large enough salary to attract talent on the normal market. Essentially it is a weird subsidy for undesired jobs. Some politicians promised a more generic student loan forgiveness, but politicians promise a bunch of things.