I’ve always thought it would make sense to attach specific penalties to this type of legislation. Something akin to “If you lie on an application, your loans won’t be forgiven and you will need to pay a 50% penalty. If you’re a bank and you knowingly facilitate this fraud, you will lose Federal backing for the loans and your employees and executives will be subject to minimum 1 year sentences in Federal custody.”

It’s unfortunate we live in such a weird carceral state yet white collar crimes that would probably be the type most deterred by the threat of prison are so rarely prosecuted.