Forgiving student loans is popular, but necessary❓Fair❓Without any relevant criteria❓
Student loan payments are not unaffordable when you look at the total picture of spending. The largest loans are held by people with significant upward mobility prospects, professionals and such.
What may make sense is significantly lowering interest rates on a scale based on income, but that is not enough for the far left.
Let’s think this through. If we cancel student loans today, what about student loans tomorrow?
The average monthly student loan payment is $393. It takes student borrowers an average of 20 years, or 240 monthly payments, to repay their student loan debt. At a 6% interest rate over 20 years, the average student loan accrues $26,000 in interest alone, or 67.1% of the total cost of repayment.
educationdata.org › average-student…