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Double edged sword. It pays to have an advanced educated. It costs to get a degree in gender studies or calligraphy when you know there is no future for getting a job.

I would be up for student loan forgiveness for people who study and get jobs in necessary and important fields. Doctors, scientists, personal support workers, etc.

I don't feel bad when you took a sleeper course because you needed an excuse to move out of your parents place.

Let the governments give grants, and let the market handle loans, with no government backing and no bankruptcy exceptions. Problem solved.