Aren’t people who went to college supposed to have an economic and other advantages over those who didn’t?
Proponents of student loan forgiveness want President Biden to use his authority immediately to forgive up to $50,000 in loans. Others want all loans forgiven.
The average student loan payment is $393. Those with higher payments and debt are typical those with advanced degrees, with higher earning power, with the potential to get a good return on their investment.
Have they thought this through? Of course they have, it’s good politics and naive progressive thinking. The estimated cost of forgiving $50,000 is $1 trillion. That’s half of the last stimulus package and virtually what we spend on Medicare in a year.
Start a business, buy a house, start a family? More likely buy a new car.
To me the idea of cancelling loans borrowed as an investment in education and future higher income, is absurd. But beyond that, how do you forgive any amount of student loans as of a given date without consequences for students still in school, for those starting school next Fall?
College financial aid is based on need, as flawed as that system may be. Now progressives want to ignore need and other factors by simply ignoring commitments made by students and their families.
If the accepted assumption of a college education’s economic value were true, why would any loan forgiveness be necessary? The fact is, it is true. People with college degrees and student debt have higher incomes than the national average
We are talking about handing $50,000 (of borrowed money) to people including those with professional degrees earning a good living, those who obtained economically useless degrees, those who obtained no degree and those who were not prepared for college to begin with.