(In These Times) -- stu•dent debt am•nes•ty
1. The erasure of every penny owed on U.S. student loans
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“I feel like these loans are so illegitimate. I was conned into going to this school. They sold me a dream and I got a nightmare.” —Makenzie Vasquez, a former student of Corinthian Colleges who participated in a historic “debt strike” in 2015
Is this a legitimate proposal, or just a broke millennial’s fantasy?
The call for full student debt cancellation has been gaining steam since Occupy Wall Street, which put indebted students front and center. This year, a report from the Levy Economics Institute of Bard College made the case that it’s not just the right thing to do, but smart economics. The $1.4 trillion collectively owed by 44 million people isn’t just a drag for debtors. It’s a drag on the entire economy, driving down home ownership and consumer spending. Wipe it out, and the report’s authors estimate we’d increase GDP by at least $86 billion and add as many as 1.5 million jobs annually.