Reply to Canceling $10k of student loan debt is stupid.

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Reply to "Canceling $10k of student loan debt is stupid."

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I get it, it sucks when people get something for free that you worked for or did without. The maternity/ paternity leave at my work and my husband’s changed drastically since we had our first and we would have really enjoyed the extra 4-6 weeks with our baby.

It also sucks when people get off the hook for a decision they already made. Realistically, we’d have a better education system overall that made quality college affordable for all and not a caste system that rewards rich, privileged kids.

It also sucks that it’s forgiveness of student loans, not rent relief, subsidized daycare, free preschool, or forgiveness of medical debt. Especially medical debt because it’s hard to claim people made a choice or understood what the consequences would be.

However it’s a matter of practicality. I did not appreciate this until recently. Student loans are mostly held by the Dept of Ed - so there is one single payer to negotiate with and to handle the forgiveness. Additionally student loan debt overwhelmingly impacts women of color and a lot of people do have loan balances under $30k where $10 makes a big difference. It especially makes a big difference for people who dropped out after 1-2 semesters and don’t have any earning power to show for the debt. It is way too complicated to negotiate with dozens of health insurance companies and thousands of medical providers. It takes too long and costs a lot of administrative overhead to implement new federal programs and then they exists in perpetuity. A one time $10k forgiveness is actually less expensive for tax payers administratively, easiest to execute, and will make a significant impact to a population that needs help - women of color. The fact that it also helps middle class and UMC rich white kids is collateral damage.

[b]$10k forgiveness is not the best solution. It’s a good enough bandage to a bigger, long term problem. [/b][/quote]

But that's precisely the points against it. People that would benefit the most from a $10k forgiveness typically have no problems paying the whole balance. The ones who are actually complaining and in real trouble are those with high five figure or six figure loans who can't make enough money to pay off the loans. To them, this $10k payment is inconsequential. It solves nothing. It's not even a bandage.  The underlying problem is easy access to student loans backed by the government, resulting in excessively high tuition for degrees that do not provide sufficient economic value. The fix for this is to remove easy access to student loans backed by the government. [/quote]

Do you really think congress is capable of a comprehensive solution? Any legislation would require votes from both parties in the Senate. [/quote]

That may be, but it's no justification to waste money on something that doesn't contribute to solving the problem. In fact, this may worsen the problem: the schools will now know they can increase their tuition by $10k for a 4-year degree. [/quote]

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