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Surely, just cancelling debt will always increase cost of service (I cannot come up with a historical example where this is not the case, but happy to be corrected).

However, this gesture is not a policy, and just a really nice gift and expression of altruism.

Also... since you mentioned it, I cannot believe how little teachers are making, including their pension guarantees (in US and many other countries) -- for the effort that many of them put in -- this is just a disgrace.

I wish, there would be a way for exchange safety/tenure guarantees for significant pay increase (eg at least double). And let the teachers make that choice.