The entire student loan debt issue has been framed badly, because hardly anyone understands the real problem: "As of March 2021, 54% of borrowers with outstanding education debt owed less than $20,000; 45% of the outstanding federal education loan debt was held by the 10% of borrowers owing $80,000 or more." https://research.collegeboard.org/media/pdf/trends-college-p...
Forgiving $10K across the board is dumb and mistargeted. $50K would be better but is still mistargeted. What we really need to do is get the unmanageable >$80K balances down to a manageable <$20K amount. It's the 10% minority of borrowers who are really hurting.
In my opinion we should be talking more about years of debt held rather than amount of debt held. In theory, college is supposed to "pay for itself", but if some people are continuing to hold student loan debt 10 years, 20 years, 30 years after college, then college obviously did not pay for itself in those cases.
Forgiving $10K across the board is dumb and mistargeted. $50K would be better but is still mistargeted. What we really need to do is get the unmanageable >$80K balances down to a manageable <$20K amount. It's the 10% minority of borrowers who are really hurting.
In my opinion we should be talking more about years of debt held rather than amount of debt held. In theory, college is supposed to "pay for itself", but if some people are continuing to hold student loan debt 10 years, 20 years, 30 years after college, then college obviously did not pay for itself in those cases.