More good progress, but any solution is incomplete until we correct the problem of taking on this debt to begin with. What stops next year's students from having to take $25K or more in debt, and next year's and next year's, repeating the cycle? In a prosperous first-world country, students should not have to go into debt to pay for education, and then have to get it forgiven because it's too much to realistically pay off.

I'll take it one step further and say that debt relief probably adds fuel to the fire. If people have the expectation that they won't have to pay back student loans in full, they'll be more willing to take larger ones, so schools will be able to charge more. Tuition costs must be addressed. And once that's sorted, someone should do something about textbooks.

Fully agree. This is great for existing screwed students, but having this kind of backstop incentivizes even more reckless lending behavior and even more ridiculous tuition prices.

The universities should be cosigner's of the debt for their enrollees. It would fix the grade inflation, cost inflation and the debt problem.

I have always wondered why the government just doesn't cancel the interest on the debt. People could pay this off so much better if there was interest every month.