We must ensure that Biden-style debt forgiveness is never needed again
April 7, 2023
The Supreme Court recently heard arguments on the Biden administration’s plan for student loan forgiveness, and it has reignited debate over student debt. While some believe the plan is a necessary step toward addressing the burden of student loans, others argue that it fails to address the real problem of the cost of attending college in the first place. Although a zero-sum dichotomy is politically convenient, the reality is that we must solve both sides of this equation.
I think we can all agree that a financial structure that hamstrings our best and brightest with debt was never a sustainable solution for the American dream. We can and should provide relief to countless graduates who, while they did take out the loans of their own free will, could contribute far more to our country without repayment demands cluttering their mailboxes and collection agencies darkening their doorsteps.
We’ve allowed the fact that individual debts have been created to overshadow the reality that public investment in higher education is a net benefit for society. An educated citizenry is the best bet we can make in writing this nation’s success story. But an education has become harder and harder to attain as state support for public colleges and universities continues to see cuts year after year, resulting in a larger burden on students.