Do I think this student loan forgiveness is a good idea? NO!!!!! This dumb plan is nothing more than a scheme to buy votes. It will not fix the overall problem and it transfers great amounts of wealth to those that likely make higher incomes ftom those that make lower incomes. It will increase inflation and it will increase taxes on everyone. It is unfair to those that didn't go to college and those that paid back their student loans. A person could be making an income that is twice the national average and benefit from this program. With inflation out of control and the economy in recession this is irresponsible.
What should have happen is interest rates should have been lowered for those still making payments. It shouldn't be any higher than the yield of a 10 year treasury bond. And then loans should be capped based on your major. The most a person should be allowed to borrow is equal to the national average for the first year salary of a major. So let's say you are studying to be a teacher. The average salary for a first year teacher is $41,000. So that is your loan cap throughout your college career. Schools that take federal money should be forced to cap tuition based on this same metric. If they want to charge more then they don't get to be involved in the federal loan or grant programs. Also if there was to be any forgiveness for loans it should have required schools to pay back the money they charged. The college system a corrupt and takes advantage of young people and taxpayers.
We are going to add $500 billion to the debt for no good reason and it won't fix anything.
