Average student debt is $29,000 according to this story. According to a previous story written a couple days ago, a student with a good degree makes about $80,000 per year. Ten percent yearly payback of $80,000 is paying off the loan at $8,000 per year. These students will pay back their loan in less than five years. They will never reach the 10 to 20 year period when their debt is nullified.
This program is not a giveaway. It simply enables students to pay off their debt in a more reasonable way. With this program, student debt has a better chance of being paid off.
There is another aspect to investing in education. A college graduate earns more money over their lifetime than a high school dropout. Increased income means more taxes paid. Most college graduates turn into income producing machines for the government when compared to uneducated tax payers.
College graduates will pay back far more in increased tax payments than their original education cost and become one of the best investments society can make.
Going by the comments in this story, the need for better-educated people is apparent.