Although the Supreme Court struck down President Joe Biden’s signature student loan forgiveness program in late June, his administration has found ways to cancel more than $48 billion in debt since then.
The cancellations have come through existing federal student loan forgiveness programs, which are limited to specific categories of borrowers, such as public-sector workers, people defrauded by for-profit colleges, and borrowers who have paid for at least 20 years.
These programs are separate from the rejected forgiveness plan, which would have canceled about $430 billion of the $1.6 trillion of outstanding federal student loan debt all at one time.
The Biden administration has been granting student loan forgiveness through these existing programs on a rolling basis since coming into office and has discharged a total of $127 billion for nearly 3.6 million people to date.
So these arguments are not great, your first one relies on an assertion that you don’t back up
Why should that individual do anything? Is it more optimal? The situation we are in is lots of people can’t afford to do what they “should” do.
The other thing they don’t address is where this money goes. What benefits do the post secondary institutions reap from higher and higher tuition fees? Is there utility in continuing that access to funds or are caps on profit and spending overnight things that we should consider?