I think a lot of people are debating the giveaway itself without reading the article about abusing the PSLF regime using LRAPs. So aside from the giveaway, Bid

I think a lot of people are debating the giveaway itself without reading the article about abusing the PSLF regime using LRAPs. So aside from the giveaway, Biden’s EO has also sweetened the deal on the public service loan forgiveness program by lowering the percent of income you pay, raising the income exclusion, lowering the interest rate, and increasing the type of loans that qualify. What schools have figured out is they can charge atrociously large amounts of tuition and it doesn’t matter anyway, because the student is only ever going to pay a percent of non-excluded income for a certain number of years and then the rest goes poof. There is apparently no limit to how large the “poof” can be at the end of the 10 year income-based repayment period. So they charge several hundred grand for tuition because YOLO (You Only Loan Once). But it’s even better.. schools will even make a side hustle agreement to pay your income-based payments for you if you let them charge even more. Apparently they do it so often there’s even a name and acronym for it! But it’s even better, because you can also tack on “living expenses” onto these loans so go big or go home! Actually the article suggests students go big by renting an expensive home and then subletting. So great that this toxic policy is even driving up rents! I mean it’s money-funnels like this that when VCs or negative-margin startups, or crypto-bros do it, everyone can see how market distorting and insane it is. Now it’s the Federal Government doing it, and you know they just print at much as they need of the “dollar” thingies… Maybe when milk is $10 a gallon and college tuition is $50k a semester and apartments in college towns rent for $8k/mo we will rethink it? In the meantime, the only way to reasonably go to college is to either not have any money so tuition is waived, or know that you won’t have to pay it back. Pitty the poor schmucks who have saved into their 509s for a decade to pay their way through. I have two kids who will soon be college age. I told my ex-wife, make sure as hell you don’t get a raise, ask for vacation time instead. If the kids can’t go for free, it’ll cost like half a million dollars to send them. So we have to be sure we don’t earn too much. This is an effective marginal tax rate well over 100% on the middle class. The only way to win the game is not to play, and people generally speaking when they figure this out are not stupid. Why the heck would anyone work their asses off to make a $150k household income just to walk face-first into a $100k/year college bill? A lot of the best colleges are free for undergrads as long as the parents don’t earn too much.