LogFAQs > #967560364

Capping repayment based on income is a pretty big deal. That's not necessarily going to help with the "in debt for the rest of my life" thing, and may in fact make it worse to the point that many people will literally take student loans to their graves (especially if banks are allowed to only apply that repayment against the interest and not the principal), but it will do a lot to mitigate the impact loans have on the cost of living.

That said, this is very much a bandaid on the wounds that have already been caused by the problem and not a solution to the actual problems. University costs need to be reined in and banks need to be prevented from giving out loans that are larger than people can pay back. As much as people like to scream "you just shouldn't have taken that loan," the reality of the matter is that many of these loans are taken out by 16-17-year-old kids who have spent their entire lives being told that getting a university education is necessary to be successful and that the loan will be worth it (often by people who were able to pay tuition, rent/cost of living, and still buy a house within a couple years of graduating just by working part-time and not needing a loan), so pinning the entirety of the hopes for a "solution" on them making better financial decisions is inevitably doomed to failure.