This is a tough one to discuss, because as someone who was buried under $100,000+ in student loans, I can absolutely see the appeal for canceling them. There are valid arguments to enacting a plan around cancelling student loans, but at this time, I can’t say I’m in favor of it. Here’s why:
Until the federal government stops making new student loans, I don’t think they should cancel existing student loans. It’s a band-aid tactic at best, and it does nothing to solve the actual problem of the cost of higher education, which is out of control. We’ll end up exactly where we are today in a few short years, and that’s bad policy.
Rather than making more student loans, I believe the government should increase their funding to schools (which has been slashed over the past decades), while also demanding that schools use that increased funding to decrease tuition.
This is an exceptionally intricate topic, and it’s too broad to cover in one post, but essentially the cost of higher education is out of hand, and it needs to be reigned back in.
There’s something to be said about giving an 18 year old with no proven record of success a $100,000 loan. If that same 18 year old went into a bank and requested that amount to start a business, they would be laughed out of the lobby.
Why are we ok with making these loans in the name of education? We need to because schools are so expensive. But are schools so expensive, at least in part, because they know their customers (students) will be granted whatever loan they need to attend?