It is time to fundamentally restructure how higher education operates in the United States through three specific changes.

First, regarding students preparing to pay for college, the federal government must cease the practice of underwriting student loans. Instead, market forces should be allowed to distinguish the value and pricing of different colleges and degrees. If we fail to do this, we will continue to see students trapped in insurmountable debt for credentials that offer little practical utility.

Second, we must acknowledge those who have already settled their education costs. These individuals should be granted a tax credit equal to exactly one times the amount they paid, which can be applied against their future tax liabilities.

Third, for borrowers who find themselves unable to repay their loans, a new amortization plan should be introduced to allow for debt discharge. This liability should become non-recourse to the individual, contingent upon their completion of civic duties that benefit the nation. While specific terms are to be determined, this could resemble service in organizations like the Peace Corps or Teach For America.

Without these reforms, we risk turning a generation of young people against the essential pillars of democracy and traditional capitalism. When the youth feel aggrieved and marginalized, the appeal of wealth redistribution or tearing down the system increases. We must do everything in our power to prevent such an outcome.