Student Loans have to be not refinanced, but forgiven… but how? Easy peasy. We just do for the young and not so young loan holders what we did for the banking sector in 08-09. We "return them to profitability", or in the case of the Student Loan holders and the ruinous bubble their overextension portends, return them to a life of normal hopes, aspiration, and the ability to dream the dreams they must dream to contribute all that they possibly can to approaching and solving the great issues and problems of their lifetimes. And in forgiving their inflated debts, we as a culture, society, and economy can begin to forgive ourselves some of the great misdeeds we have wrought on behalf of profit, greed, selfishness and the whole idea that unlimited growth in the name of those amoral vices (at best) can in anyway be, in some Orwellian nightmare of doublespeak, misconstrued as either virtuous- or the root source of either our Democracy or any other of our cherished collective or individual freedoms. So, we just put up a Student Loan Forgiveness Trust Fund, with however many trillions it takes to start and continue paying down and forgiving all the "underwater" student loan holders. This can be done on a case by case basis, but all the players in the profit-fest that each underwater student loan represents must put some of their skin back into the game. To whit:
- Student Loan holders should have a deduction added to their "Withholdings" from their ongoing lifetime earnings until their share of the costs of this debacle in policy are met. Again on a case by case basis but not to be so onerous that their live and futures are hobbled or ruined.
- Institutions of Higher Learning of all kinds and stripes should "give back" some of the wealth they accrued through not only taking student loan money under false pretenses but also unconscionably ratcheting up the costs of higher education at all levels in some what of a ponzi scheme based on front loading way too much student loan money into their business models. Although this might be particularly egregious in the case of some of the "For Profit" "Universities" that mushroomed since the Guaranteed Student Loan/ Bank Profiteering Legalization program was gifted to Wall Street and placed on the backs of everyone else (except of course the aforementioned increasingly corporatized University systems)- all state and private schools were bellying up to the trough just as hoggishly.
- The Banks- they will have to eat some of this shit too. No, really. The subject of to what degree needs to be determined by an exhaustive and honest study of just how much the banking sector abused and profited from the yoke of student loans put mostly on the backs of young Americans. More abuse and profiteering, then more penalty and fines from them to the "Student Loan Dissolution Trust Fund". Again, case by case, bank by bank. Nobody and no bank will be deemed "To big to pay up and pay back" some measure of whatever level of misbegotten profits they have accrued under this cruel and abusive system.
- And of course, the Federal Government. The Givers of the Gift- I believe those "Fabulous Clintons" were most responsible. But whatever, the government will indeed have to give something to the trust fund. The details of this have to be ironed out, of course. I know I have read somewhere that the Government profits somewhere somehow on the Student Loan fiasco in progress, but I don’t claim to know all about how that might be. However much that is that would be a good place to start "giving back" to the young people of this country, many of whom are, whether intended or not, suffering miserably from the consequences of this ridiculous set of circumstances.
This whole subject needs to be studied exhaustively to come up with a comprehensive plan to fully address the issues involved. And it cannot be in a vacuum. The costs of Higher Education, the Corporatized University systems, and the whole nature of what is being emphasized in the University community all need to be addressed. Some of this has to do with the whole "Money Coup" being carried out by concentrated capital on all levels of our culture, society, economy, and politics. Addressing this all in a systemic manner is a big part of the "necessary work" that needs to be done by the "p’BD’DiA" movement being proposed throughout this blog and by my "Citizen Candidacy" for the 9th Congressional District from Ohio in the 2016 General Election.
If elected, I will make addressing it all, beginning with the student loan crisis specifically, a crusade level issue of any time I spend in Congress as an independent truly trying to represent the real people and issues facing them of not only the 9th District but all across the United states.