What those naysayers also miss is that, in most cases, the debtors have been paying on their loans for many years and have long since paid back much more than they borrowed. Yet, they still owe as much or more than when they originally took out their student loans. The schools were paid directly, so they lose no money. The loan agencies and banks have been paid back far more than the original loans; so they not only aren't losing anything, they have turned hefty profits.