Canceling student loan debt would be ineffective at boosting US economy, study shows

Canceling student loan debt would be ineffective at boosting US economy, study shows

Quote:

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President-elect Joe Biden is facing growing pressure to erase student loan debt on his first day in office as part of a broader coronavirus relief effort – but doing so may be an ineffective way to boost the nation's pandemic-stricken economy, according to a new analysis.
Outstanding student loan debt has doubled over the past decade, nearing a staggering $1.7 trillion. About one in six American adults owes money on federal student loan debt, which is the largest amount of non-mortgage debt in the U.S. It has been cited as a major hindrance in people’s “economic life” by Federal Reserve Chairman Jerome Powell.

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https://www.foxbusiness.com/economy/...my-study-shows


I don't agree with this. Just because people made bad life choices isn't a reason to pay off their bad decisions. There are many people who paid for college or didn't go to college. Why should this burden be transferred to them? Or are the people trying to push this through using their own money to pay off these college loans? Fair question :)

and would once again punish responsible people who didn't carry large amount of debt, or who did but worked hard to pay it off on their own.
it's not my fault if someone went to an expensive school to get a degree in something with no job prospects

As I've been saying for years, unless you're going into a specialized program that really needs all 4 years to be at the same school, go to community college first and get an associates degree. Then transfer to a school that will waive all their gen-ed requirements for people with associates degrees. The 100 and 200 level classes aren't going to be any better at the big school vs the community college. In fact with the smaller class sizes the community college will probably give you better learning and access to the teacher in the 100 and 200 level classes than the big school.