Student loan forgiveness must be targeted and equitable

Until educational reform is addressed, I support targeted student loan relief to those who need the most help.

Help get Dr. Bob to Congress so he can help lower the cost of secondary education.

https://secure.actblue.com/donate/friends-of-dr-bob-1

The cost of postsecondary education is unmanageable for far too many students.


Without addressing the cause of overwhelming student debt, we will repeatedly face this issue. So, first and foremost, we must address the cost of post-secondary training and education — I address this topic in a previous blog.

So what do we do with those faced with debilitating debt?

  • Do we forgive all student debt?

  • Forgive debt up to $50,000?

  • Forgive debt up to $10,000?

  • Or, do nothing?

When asked this question on the campaign trail, I am most interested in gathering the opinions of voters. The conversation usually generates a lot more questions than answers.


How far back do we go in forgiving student debt?


Forgiveness must also take into consideration fairness for those who paid and worked their way through school without debt.


What do we say to the many Americans who didn't attend secondary school secondary to debt concerns?


The amount of debt forgiven needs to be discussed. I encourage advocates to get specific to help initiate a solution-based conversation.


Private college debt is not the same as community college debt. Let's recognize that if we implement forgiveness with a blanket approach, it may not be equitable.


Should the forgiven have stipulations on how many years of schooling they claim?


We must establish if forgiveness is limited to undergraduate studies or all levels of secondary education.


Is it also a priority to forgive the professional education debt of potential high-income earners?


This chart compares the cost of these three one-time student loan forgiveness proposals against cumulative spending on several of the country’s largest transfer programs over the last twenty years (from 2000 to 2019, adjusted for inflation).

Principled leadership means making hard decisions regardless of the consequences based on data and facts, and this is one of them. My support not to forgive all student debt may not be popular, but it's based on fairness, equity, and economic sense.


Until educational reform is addressed, I support targeted student loan relief to those who need the most help. Simplified, expanded, and improved income-driven loan repayment and loan forgiveness for public service would be a great start, along with zero-interest loans for many.


Income-Driven Repayment (IDR) Plan Forgiveness. It's best to pay off the debt as fast as possible, but graduates are unable then this program can be of help.

  • Stretch out payments for a term of 20 or 25 years.

  • Payments are based on your household income and family size and will be 10% to 20% of your discretionary income.

  • Assuming you've made all your qualifying payments, whatever balance is left on loan is forgiven.