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Do you feel student loans be reset and start fresh with regards to higher education?
Offer a 4 tier loan forgiveness solution. $20,000 cap for those with loans from a tech/community college or trade school degree. Then add $20,000 to the cap as you go upwards to a Doctorate. Then your highest degree sets the max amount of loan reimbursement.
Now with all that said and done. Reform FASFA. For those in a 2 year program or trade school part or ful time receive a voucher with a maximum amount of $30,000. $60,000 for a 4 year degree. Now to be eligible for this need to be enrolled part or full time in college. Have no outstanding student loans. Have not been enrolled in a college program in 4 year's. Also at any time a student withdraws from a program and not due to a hardship withdrawal has to repay the Government back 50% of any funds they used towards the program. Automatic deduction from the voucher for the school enrolled with.
Master and Doctorate programs will not receive a Federal voucher. States can offer aid if they choose to. Aid can be through scholarships, G.I. Bill, private loans, and Federal programs. Federal programs include any military program to advance degree. Also teaching and nursing in rural or urban areas where jobs are needed have programs that offer assistance to pay for advanced degrees.
Medical Doctor programs 75% coverage by Federal Government. However, have to complete the program and not withdraw outside of a hardship withdrawal. If you do withdrawal have to pay back 50% of funds used.
Offer rent assistance and gas/transportation assistance. Where Student's can apply for rent and housing vouchers that can cover partial rent if living off campus and additional boarding fees at college enrolled in. Gas/Transportation assistance offer gas, ride share, and transportation gift cards/passes to use for these services.
Cap the G.I. Bill at $40,000. Expand it to those who do 4 or more years of civilian service with organizations such as AmeriCorps.
The real problem is lenders are backing completely worthless degrees. Degrees that will never be paid off because they have no marketability and no demand in the job market. The universities don't care about this because they are getting their money for these worthless degree tracks (usually through loans). If lenders (federal and private) would start getting selective about which degrees they will actually back, it would force universities to really scale back and start focusing on tracks that are actually in demand in the real world. I think that day is coming soon because default rates are becoming a major problem and lenders are going to look to start avoiding risk.
The majority of college majors these days are pretty much useless in the job market. There are only a handful of really in demand areas of study. All of the bloat colleges and universities have been allowed to create over the past 15 years or so is going to come crashing down when lenders start to back off "guaranteeing" worthless degrees.
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