[Aunche]

Student debt is so large and burdensome because the government has been handing out unconditional money to colleges. Student loan forgiveness increases people's willingness to pay for college, which means even more unconditional money for colleges. It's like putting out a fire by smothering it with gasoline.

This is different from say EV subsidies (which I also think lived passed their usefulness) because car makers are incentivized to serve more customers to make more profit. Colleges don't gain anything from increasing their enrollment and would rather raise their tuition to hire administrators and build shiny buildings that boost their rankings.

[DesiLurker]

I have been saying this forever, this is basic economics, you get more of what you subsidize. here govt should have subsidized creating more high quality colleges instead of federally-backed-non-dischargable loan. IMNSHO the non-dischargability is really the key here. if you can get rid of it in bankruptcy then they will be forced to evaluate which programs are not good ROI and possibly charge more interest for them. this way govt saddles students with the consequences of bad-policy on their part.