I want to know what your thoughts are about cancelling student debt. The current administration is considering cancelling $10,000 per debt holder. Some are pushing for $50,000.
Personally, I believe a contract is a contract. If you cancel a loan for college, why stop there? Why not cancel mortgages, car loans and credit card debt? Of course, for those loans there is the option to file for bankruptcy. But not with student loans. Maybe that law should be overturned?
What does this say to those who chose to enlist in the military to help pay for their education? Or those who chose community college not to mention those who paid their loans? What about people who entered into trades like electricians, contractors, plumbers and hair dressers? Should they be paying for a doctor or teacher who has a ton of debt?
The point is the debt doesn’t magically go away. It gets passed on to the rest of us. Many universities have huge foundations. I’m not against the institutions forgiving debt. They could do it.
What do you think? If you disagree with me, please let me know what I’m missing. I truly want to know other points of view. What solutions do you suggest for overwhelming student loan debt?