Student Loan Forgiveness is Completely Unfair to These People

"If President Joe Biden proceeds with wide-scale student loan cancellation, the most likely beneficiaries could include federal student loan borrowers who earn up to $150,000 annually."

Why this is important: In the ongoing debate about student loan debt, and President Biden’s campaign promise to address the issue of mounting student loan debt through forgiveness, not everyone is on board with the idea of cancelling student loans – even the cancellation of a small amount of student loan debt. As one article recently pointed out, loan forgiveness as it is currently being discussed is unfair to at least seven types of people: (1) those without student loan debt, (2) those who did not attend college, (3) those who paid off their loans already, (4) those who chose community college, (5) those with private student loan debt, (6) those with a significant amount of student loan debt, and (7) future borrowers of student loans. What the article highlights is that no one solution will address all of the different constituencies nor will a single solution address the myriad nuances of situations for different student loan borrowers. Until an announcement is made, the debate around student loan forgiveness is likely to produce varying ideas and reactions.