This would save young Americans from going into crippling debt, but it would also make a university degree completely unaffordable for most. However, in the age of the Internet, that doesn’t mean they couldn’t get an education.
Consider the long term impact of this. There are a lot of different ways such a situation could go, for better and for worse.
The loans in my country aren’t too bad.
It’s not a normal loan, it doesn’t appear on my credit checks.
It’s provided by the government and has low interest.
You only pay it back once you earn over a certain amount and they take a single digit percentage of your wages.
It’s more like a graduate tax as paying it off doesn’t matter, short of not wanting it taken from your wages.
I earn around double the national average and pay around 100 a month. Which isn’t a huge amount. Basically a decent meal out + drinks a month.