If it’s done right, forgiving student debt could provide a boost to the nation’s working class, writes Robert Gehrke.
Robert Gehrke.Last week, Sen. Mitt Romney teed off on an idea reportedly being considered by President Joe Biden to forgive some level of college student loan debt.
Romney exaggerates some. Even the most generous idea being floated — forgiving up to $50,000 in debt for every student, thus wiping out all debt for 79% of the 37.9 million borrowers —Still, I understand the resistance.
Imagine being fresh out of college, embarking on a new career as a school teacher, for example, and trying to make ends meet in this housing market with that kind of debt. Maybe you plan to get married and now there are two loans to pay. “When you think about who has student debt and whether or not a person’s debt should be forgiven, you have to have in the back of your head that the people who own the debt are well-off to begin with, they have a college education, they have a lot of benefits,” Looney said.
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