Inside Higher Ed posted an interesting opinion piece outlining how the United States could go about changing its student loan system. A growing number of college grads are facing mountains of debt upon graduation, are struggling to make payments and are confused about their legal options.
Bruce Chapman, a professor of economics at Australian National University, and Yael Shavit, who will be starting Yale Law School in September, write that “this predicament was addressed and solved in Australia in 1989 — through income-contingent repayment systems that go beyond anything in the United States. The system has been effectively copied in many other countries. The U.S. system remains fraught with problems even though the solution has been transparent for over 20 years.”