One reason that the cost of education has skyrocketed is precisely because of access to student loans.
This growing notion among those debtors that they should not be obligated for full repayment is absurd ! Why is their debt any more forgiveable than any other citizen's ? As I have noted, Obama taking these actions will only make all things worse, as he is fueling the bubble, creating moral hazards, and teeing up the economy for an even bigger hit.You can see that student loans have grown by 511% since 1999. Meanwhile, disposable income has grown by just 73%. As this chart also shows, most outstanding student loan debt (82%!) was accrued by students over just the past decade.
The way to drive down the price of education would be stop giving out student loans like candy, and certainly not forgive the debt, ie. shift it to other taxpayers.