I actually think the real solution is that student loans should be dischargeable in bankruptcy. I think it is a much better, easier and fairer fix than just cancelling some student loans.
Since student loans aren't dischargeable, it means that lenders have no incentive to do any due diligence. On the contrary, their incentive is to load students up with as much debt as possible.
Yes, making student loans dischargeable would mean fewer students would get loans, but that's the point. Lenders shouldn't be giving out hundreds of thousands of dollars to students whose career options would then put them in indentured servitude for decades.
Since student loans aren't dischargeable, it means that lenders have no incentive to do any due diligence. On the contrary, their incentive is to load students up with as much debt as possible.
Yes, making student loans dischargeable would mean fewer students would get loans, but that's the point. Lenders shouldn't be giving out hundreds of thousands of dollars to students whose career options would then put them in indentured servitude for decades.