One policy that has been hotly debated but I strongly disagree with (as a left leaning person) is student debt cancellation. My other liberal friends also disagree with this one. Some worked hard to pay off. Others decided to borrow from family instead of institution. I know the left is not on board with this as a mainstream agenda right now and it should stay that way.

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There is a lot of debate around this. And I understand it. It seems unfair if you didn't take debt or already paid off.

But my PoV which is a point many will disagree with is : Is I don't care to look back into past, I care about fairness of outcome and opporrunity in the future.

I want the economy to work for everyone. This is why I am ok with some business bail outs. This is also why I believe in diversity in the corporate environmemt, cleaner, easier paths to immigration, and universal basic income.

All these policies have shown better economic results than the alternatives. It's the same with student loan forgiveness. It might not feel fair, but the outcome means we all win in the end.

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Missing out on a benefit is not exactly the same as being penalized, except psychologically. That said, you have a point because I’m sure you’re not the only one who would see it this way.

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The bigger issue is that canceling student debt does nothing to solve the structural issues that created the student debt crisis in the first place. We would just have to do it again in 10 years.

I have no problem spending $1.7T on higher education, but I would rather invest it in whole sale systemic changes to make college more affordable. Then we can work on reforms to make paying back loans faster and easier. Loan forgiveness programs, update consolidation rules, etc.

That would have a much bigger impact than writing a check for a short term giveaway.

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I’m fine giving up to a certain amount in debt cancellation. The fact that “I paid off the loans, they should too” isn’t really a valid argument when you’re talking about the sheer scale of the student debt problem. You could have made the same argument about social security when it was first implemented. “I saved for retirement, why are other people getting bailed out?”


Things being worse in the past isn’t an actual argument against progressive policy. In fact, if we tried to keep everything as difficult as it used to be we would never make progress in anything.

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You don't need a college degree to be successful in this country. I heard of a program in the Baltimore high school system where students learn welding. They graduate high school and immediately earn $50k per year in this profession.

The issue too is we spend trillions on building our already massive military also hundreds of billions helping the .01% evade taxes. I think the bigger question is why we debate helping out the common person so harshly but bat an eye to all of the money that floods to wasteful places

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So you’d rather blow it on failing companies or would you rather blow it on giving companies checks so then they can buy back their stock? Cause both of those scenarios happen while the typical American gets nothing or a simple $1200 check to last half a year

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To be fair tho, most ppl who're gonna benefit prolly dont give a fuk as long as it benefits them. This is murica

I paid mine off and honestly do not care if they cancel student loans. I paid them off because I didn’t want to have my financial security hang in the balance depending on who’s president/what congress decides. So if they go ahead and do it, ayee I’ll pour one out for my homies who waited on Uncle Sam.

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OP, your argument was weak to begin with and really just centered around - I struggled so other people should struggle too. Many other posters have pointed this out.

According to your logic there shouldn’t be any criminal justice reform(particularly around weed) because people have spent, and still are, in prison for possession and changing the law would be unfair.

According to your logic the military should have never changed to the post-911 GI bill because it’s unfair to the those service members who only got the Montgomery GI Bill.

Another poster, rightly so, pointed to the same argument re: social security.

Any cancellation won’t actually impact you, other than your hurt feelings.

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SC1 - because if you experience undesirable outcomes, the root cause is an unfair system, not your poor decisions

Debt cancellation is regressive in that it will help people mostly on this app rather than lower income people. I am generally in favor of some form of cancellation but it would disproportionately help those making $75k+ who (in theory) don't need as much relief

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Totally down with that, PM1, it’s similar to how universal basic income should work.

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I've seen the point brought up before that if the objective is to stimulate the economy through cash infusion, why not do a universal basic income. I'm sure plenty of blue collar folks and people working minimum wage jobs could benefit as well and this would be more equitable. They probably need it more than the person with a degree, secure job, and career growth potential.

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/andrew yang has entered the chat

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Student debt cancellation is tricky but it’s a bubble that’s going to cause a major crisis if nothing is done about it. I would love to see interest rate caps at 2-3% and payment caps for those under certain annual incomes.

This is coming from someone who chose to go to a state school to avoid student debt rather than a more prestigious private university that most likely would have been a better fit.

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Alix, immigrants from Asia often access "family" loans or informal lenders (e.g. loansharks, ponzi schemes, etc.) to aggregate money to send kids to school. People often live at a subsistence level or worse to pay back these loans, all in the belief that education is the highest prize. It sounds like this is what the OP was describing as his borrowing source. If so, to call this "privilege" is off base.

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It does nothing to fix the problem of excessive tuition. I’m a hard no on student debt relief until we do something to stop it from becoming a problem again.

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Chicken and egg

I do not believe in canceling student debt either. They just need to make it more affordable going forward. The state colleges need to be funded better. I am as blue as they come.

I can be convinced for student debt interest cancellation vs debt principal cancellation.

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Perhaps the government consolidates all the loans and becomes the lender at a much lower interest rate.

It's pointless unless we fix the root cause, as well, but as someone that paid off six figures of debt this calendar year, I'm all for it. Yes, I would have been more directly better off had I waited. But I still think it's going to help all of us in the long run.

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And to those of you conflating it in the comment section: student debt is not a result of mandatory service like healthcare nor is it anything similar to civil rights. Do not try to dilute the importance of healthcare access for all and actual civil rights activism by equating them with college debt cancellation. You only taint the nobility and justice of those causes. Just don’t. Thanks.

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OP, what is the purpose of this post?

Are you actually looking to get a perspective different from your own, or are you just looking for validation?

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The Freakonomics podcast had a great episode the student debt problem: https://freakonomics.com/podcast/student-debt/. Few things it touches on: the history and economic factors leading to the current situation, how colleges can decreases their bloated expenses to keep tuition down, and creative solutions like aligning tuition revenue to graduates’ income, which we’ve seen already with various “bootcamps”.

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I'm left leaning and I'm iffy on student debt cancellation as well. I got loans and worked throughout all my years of college while going to school full time to pay off my loans. I saved my hard earned money in school so I could make payments so I wouldn't have a ton to pay back once I'm out of school while my other friends just spent whatever money they had on anything but that. For them to get a free pass on that and for someone like me who worked very hard and sacrificed a lot to pay off those loans is an insult. What I am FOR is using funds to help lower tuition in colleges/universities whether that's through university sponsored scholarships or state sponsored and to allow extra programs for seniors to attain well paying jobs in their field and future career resources

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Like some have said, cancelling the debt is just the band-aid to the problem. Sort of like how in the 80s all folks here illegally were given asylum/ citizenship. If you cancel the student debt your just gonna have to do it again in 20 years. Fix the problem of infrastructure in higher education. State schools should be better funded with govt grants and funds. Entice folks to get degrees that we need them to like math, engineering, biology, or whatever else is needed currently. Those degreed programs are tuition free. All other programs are a nominal tuition.
You could add a contract to it that in order for discounted tuition you have to do X for x number of years/ months. Whether that be volunteering every summer in college, going to work for govt for a period. I don’t know those are just some ideas but no matter what the infrastructure for higher education needs to change.

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There was a NYT op-ed on this topic by Roxane Gay a few days ago. I would say the feedback in the comments section was mostly against the idea - from the NYT readers! Roxane went to Philips Exeter, Yale (for 3 years), and two other institutions to complete her undergrad and PhD. It seems she ran up quite a bit of debt to enter a low paying field, and now feels she should get relief on her student loans. I believe the government already has a program by which your loan will be discharged after you reach a certain age or have been paying for a certain number of years. At that point you owe tax on the amount forgiven. If this really is a dangerous debt bubble, we need to address it, even if the benefits will be unevenly distributed

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I believe the 3rd party admins that the gov uses are notorious for giving bad info / making it impossible to hit the relief standards.

Reading your responses OP and here’s what I’ve gotten out of them: if they offered a “debt cancellation” option to people who utilized other sources of funding (e.g. family) you’d be perfectly happy to accept that check. You really have no sense of the greater good, just what is “fair” to you. But the fact remains that you had the privilege of having connections who were even capable of funding $100k worth of tuition and fees. So forgive me if I’m not shedding tears as I pay off the loans I had to take out because my family lived below the poverty line when I was 18. I don’t exactly think it’s “fair” you had the option to get a $100k in debt - did you know federal loans are capped and private student loans aren’t available to families with poor or no credit?

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