(universities basically are the lenders already)
I see another potential issue. The wikipedia article mentions “property is returned to the original owner (or their heirs)” and “From a legal point of view, the Jubilee law effectively banned sale of land as fee simple, and instead land could only be leased for no more than 50 years.” So people who did not own land at the beginning (whenever it was made a law?) could never own land, nor could their descendants, unless they were somehow able to claim land left unowned by a family that died without heirs or who had given up claim to their land (emigrated or something).
That would seal one set of families as forever the only owners of land regardless of population growth, immigration, etc., and force the balance of power/wealth (who owns how much) to remain whatever it happened to be at the time the law was passed. Then those landowning families would intermarry to become one single family that owned everything. Everyone else would have to borrow from them. Every 50 years, the debts would be forgiven, but those outside the family would have to renegotiate new debts in order to pay rent, probably at higher interest rates (because greed). It seems like that would create a hereditary wealthy caste and a hereditary poor caste and destroy social mobility.
For things like student loan debts though, what would it matter if you would have to return your diploma after 50 years? By then you wouldn’t need to take out another student loan.
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