This is post one of two...
This is a really good article about canceling all student debt and how it would boost, at least the US economy.
This is a really good idea and long over due..
However there are three main reasons why this is going to be a major hurdle and probably will not happen till some significant changes in the financial and government systems happen first..
First: All that student debt on the Federal Reserves,, and hence the US Treasury books is counted as an asset. If I recall correctly is included as part of the GDP. It has to do with what the central banking systems finances are based on. The reliance that individuals perpetually stay in debt to make the work.. It's the same for other countries that rely on similar types of debt to run their banking and financial systems.
Second: All the companies that service the debt would go out of business. That means a whole lot of people are suddenly out of work. The entire perception of what the US's economy is based in shifts to an unknown. And are there other systems to transition all these other people to.
Third: if the Student debts are cancelled, that brings into question all other debts in the Central Banking system. If a huge piece like student debt is brought to light to the average person. Then the entire central banking system is brought to question.
The real forehead smacking wake up piece is in part two..