I’m really not trying to start a debate, I just want to understand why there is a dilemma, and how exactly it would work if passed.
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There are several aspects as to why it is a problem:
1) at this point it would cost an insane amount since U.S.-student debt is higher that credit card debt in the US. So the question is how could you finance it? Do you have the US go more into debt? Do you raise taxes? Do you take the money from another program and if so yes? Do you maybe just declare all loans void (thereby however destabilizing the economy)?
2) Many people have private loans. How do you deal with those? Do you also pay them off? Do you not pay them off? Would it be unfair to only eliminate public loans? Can you justify giving huge amounts of public money to private companies? And so on…
3) There’s not really any “elimination student loan debt” as long as college is so expensive/ isn’t entirely tax payer funded. You’d just get the next generation who’s going into student debt even while you’re Even in countries without tuition for public universities people sometimes still have to take on loans, to pay for living expenses or to even still pay for tuition if people go to private colleges. So they take on debt. So it’s more of a question of managing debt rather then getting rid of it entirely. Do you charge/allow interest on student loans? Do you offer at least tuition free public options? Do you maybe offer tuition free alternatives to universities such as free trade schools? Do you regulate how much universities are allowed to charge or what charges universities are even allowed to have the students pay for? There are many ways to manage student debt from getting as high as it is currently for future generations, if that is what you want to do, and it’s not easy to determine which one is the best way for the U.S., since what works for other countries, where students are mostly burdened way less than U.S. students, may not necessarily work for the U.S.
So it’s a complex issue with many different possible options to manage student debt and much discussion is needed to come to an agreement and how it would work is very unclear bc it depends in the individual solution and there are too many to list them all.
Hope this helps even if it doesn’t fully answer the question.
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