If we cancelled all student loan debt today, based on the current student debt growth rate, we’d be back in the same place in ~10 years. The debt is a only a symptom of a much deeper disease.
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It would exacerbate it. Students would be willing to take on even more student debt because there’s now always a chance the government could just forgive it. It might be a short-term stimulus, but makes the underlying fundamentals worse.
Also, words like "cancel" and "forgive" are somewhat misleading. The debt doesn't just disappear. What cancelling student debt actually means is that the people who don't have student debt have to give money to the people who do.
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That would be a great idea, because it would make lenders have to pay attention to risk.
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Which would be an absolute disaster seeing how half the country thinks the political/cultural ideas that come from a college education are as big of a problem as the price people pay to acquire them.
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and that people who paid off student loan debt through decades of diligent saving and investing forgoing other consumption over that time period get screwed
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amend that, get screwed - twice over. Once for paying off their own debt and the second time for increased taxes to pay off the debts of those who didn’t pay their own. BTW, their is a massive hidden issue around sub-par graduation rates, <60% at 4 yr schools and <30% at 2 yrs
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I’m always sad that banks (and their losses) are never brought up in these student loan dialogues
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Maybe I am too cynical but I am not sure the guy who represented Delaware for so long will all the sudden make this pivot.
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Or the outrageous cost for school will be readjusted and the value redefined.
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Or the people who have paid off student debt, paying off more for others.
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