Much has already been written on why Warren’s Magic Student Loan Debt Eraser is fiscally outrageous, geographically uneven, economically unfair, utterly unwise, and culturally wrong, among other problems. Fortunately, there are more economically sound, market-centered, responsibility-affirming ways to fix it. Here are a few.

Restore bankruptcy protection for deeply indebted borrowers. Far from “canceling student debt” outright, bankruptcy protection provides an out for those on the verge of default. Even more, it would restore risk to the lender as well as a sense of responsibility in making loan decisions. Legislation has been introduced to do this.

Make individual higher ed institutions responsible for a percentage of the losses on a discharged or defaulted loan. Tucker Carlson has advocated this “cosigning” concept for defaults, and Warren even cosponsored a bill to establish risk-sharing between borrowers and colleges—forcing institutions to make smarter decisions on program offerings. (Colleges would become cosigners on future loans.)

Approve legislation like the Student Loan Repayment Acceleration Act to help borrowers pay back their loans more quickly.