Elizabeth Warren and several other 2020 presidential contenders are discussing a student loan forgiveness plan for our country and it's an interesting idea, to say the least. For starters, it would force us to rethink the current model for student loans and the skyrocketing prices of universities that have increased by over 200% in recent years while wages have largely remained stagnant. Plenty of other nations offer free or much lower-costing college programs, after all. Reasoning behind the program also points toward jump-starting the economy, since people could spend that money on purchases rather than living to pay bills.
Some say that the legislation won't be enough to help the economy since it does nothing for the poorest people without student loans, while others, of course, maintain that anyone who took a debt should be held to repay that debt. Given that our government has been happy to bail out corporations in the past, why not help the actual people instead? Perhaps we need something that hits home a little more deeply than student loans, like giving everyone a bill or utility break for a year to stimulate the economy, but most people would probably just use any funds unused to pay off other debts or finally get their teeth filled. An exhaustive reform including universal healthcare would need to be analyzed at the same time which, fortunately, many candidates are also considering.
What do you think of student loan forgiveness?