Hear me out.
The Biden administration has been trying to forgive federal student loans for thousands of students. So far he has been semi-successful. There are a lot of obstacles remaining and I doubt if he could get a bill passed in Congress no matter who is in control of the two chambers. I’ve got a problem with loan forgiveness.
I feel the pain of those who are saddled with debt. I walked out of school with a loan that took 10 years to pay off but I paid it. My biggest concern about loan forgiveness is when does it stop. Let’s assume next year Biden is successful in wiping out all federal student loans. What happens to the loans the following year? And the year afterward? When does the forgiveness stop? This is unsustainable.
Also who is expected to pay for this forgiveness? It’s not free money. Someone is going to pay for it and it’s the taxpayers. Yes student loan debt is a problem but simply forgiving a loan that someone agreed to is not the answer.
Instead how about eliminating the interest on the loan as long as the debt is paid on a periodic basis. How about giving credits to those who work in education, the military, or other qualified professions? How about giving credits to those who volunteer with various organizations that benefit your community? How about helping those with debt instead of just giving them a free ride for something they agreed to?
Then how about fixing the damn problem so it won’t continue to happen? Interest rates should be low or completely eliminated. Loans should not be bloated by adding on non school related expenses such as entertainment. How about regulating the cost of education based upon income? And once the loan is due the payments should be flexible based upon income. There are many ways to relieve student debt.
Forgiveness isn’t that way.
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