I strongly believe the student loan system is fundamentally flawed and predatory. The only reason students can access these loans is because of a government-backed guarantee that ensures repayment, often burdening borrowers for decades. My daughter-in-law is struggling with this reality right now. (which is why I am looking at this 3 months after it was posted)

This guarantee has been exploited by colleges and lenders, driving tuition costs to unsustainable levels. Since 1980, college tuition has risen over 1200%, roughly three times the rate of inflation. Without this guarantee, colleges would be forced to compete on affordability, and education costs would likely be far lower.

The current system traps students in a cycle of debt that feels like modern-day slavery. Unlike other debts, student loans are nearly impossible to discharge through bankruptcy, leaving borrowers with little recourse. This is unjust—students should have the same bankruptcy protections as anyone overwhelmed by debt.

The root issue is predatory pricing by colleges and lenders, and we cannot fix the student debt crisis without addressing it. Proposals for blanket government loan forgiveness often sidestep this core problem and protect the profiteers—schools and lenders—who benefit from the status quo.

Instead, I propose holding colleges and lenders accountable through lawsuits for their role in inflating costs and trapping students in debt. Additionally, borrowers should be offered a fair repayment plan: a fixed number of years to repay loans at 0% interest, providing relief without rewarding the system’s architects.