Redesigning education finance: How student loans outgrew the "debt" paradigm

This article argues that the student loan crisis is due not to the scale of student loan debt, but to the federal education finance system's failure to utilize its existing mechanisms for progressive, income-based payments and debt cancellation. These mechanisms can make investment in higher ed...

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Bibliographic Details
Published in:The Georgetown law journal 2020-10, Vol.109 (1), p.5-80
Main Authors: Brooks, John R, Levitin, Adam J
Format: Article
Language:English
Subjects:
Analysis
Debt
Debt cancellation
DEBTS AND DEBTORS
Education
Education finance
Education grants
Educational aspects
Educational change
Educational finance
FEDERAL GOVERNMENT
Finance
GOVERNMENT POLICY
HIGHER EDUCATION
Laws, regulations and rules
LOANS
Methods
Political planning
Remedies
Student loans
Surtax
TAXATION
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Summary:This article argues that the student loan crisis is due not to the scale of student loan debt, but to the federal education finance system's failure to utilize its existing mechanisms for progressive, income-based payments and debt cancellation. These mechanisms can make investment in higher education affordable to both individuals and the government, but they have not been fully utilized because of the mismatch between the current system's economic reality and its legal, financial, and institutional apparatus.
ISSN:0016-8092