Instead of paying off student loans. Change the interest rates of the loans to 1 percent or 0.1 percent. This still has those taking student loans out pay for the loan. With the interest rate lowered it will dramatically reduce the payments. This will help boost the economy with more spending and provide breathing room for students. This also, takes away the concern for non-college students having to pay for someone elses loan through tax dollars.
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There should be a calculation. If someone has been paying their student loan for x amount of years and have paid the equivalent of their loan + a predetermined amount of interest (such as double the loan amount) then there should be a path to student loan forgiveness as this person has paid their loan with additional cost.
However, as I understand it one of the issues is that the government federally backs student loans causing loaners to give loans indiscriminately to risky borrowers. This practice must be abolished to stop the flood of student debt. This may help lower the costs of education as well.
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