How Long Will It Take for Cancelled Debt to Return to Current Levels?
We estimate that cancellation will eliminate $550 billion of federal student loan debt. However, we project that the overall amount of outstanding federal student loan debt will return to $1.6 trillion (its current level) within five years.
Our obsession with college as the magic bullet to success is fascinating. Simply going to college, even getting a degree, is not a guarantee of any type of success. Other than technical and professional degrees, the value of four years of college is questionable, especially considering that many students lack the basic reading, math and writing skills that should have been mastered in high school. Success in life and economically is dependent on the attitude, actions and decisions made by an individual.