This is the nuance that we must bring to the discussion. I am pro student debt forgiveness, but in a way that isn’t a massive handout to people like me. I paid off the majority of my student loans with the signing bonus of my second FAANG job. No way would I have any business getting my debt forgiven.
https://www.whitehouse.gov/briefing-room/statements-releases...
> The Department of Education will provide up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education, and up to $10,000 in debt cancellation to non-Pell Grant recipients. Borrowers are eligible for this relief if their individual income is less than $125,000 ($250,000 for married couples). No high-income individual or high-income household – in the top 5% of incomes – will benefit from this action.
I also question the need for full forgiveness, and wonder what the inflationary impact would be on something like “everyone’s student loans from the federal government are now 0%. Your minimum payment is 5% of your AGI and your tax returns will be used to pay down the balance until it’s paid off. future loans will be capped at prime rate +.% fixed at time of borrowing”. Leave private loans untouched, but dischargeable at bankruptcy. This would pressure on student loan private lenders to lend based on certain conditions (I.e, grades and academic progress) with a minimum amount lent by the federal government. It would result in a lot of withholding changes, but I think that’s a good thing.
More complicated and potentially more room for fraud.
Overall, I think we ought to do something for people struggling. But I agree that nothing should be done for the wealthy.