Biden’s student loan forgiveness is worth it, and the policy itself is only half the equation
Student loan forgiveness is controversial, and it always will be.
The program rids many Americans of crushing debt, but it also takes tax dollars from those who never even had the chance of a college education. With so many more pros and cons along that line, It’s a blessing to many and a rejection to many others.
If every pro has a con, how do we determine whether the policy is a net positive? I think its effect on political trends ultimately overrides the policy’s nuance and even its efficacy, and here’s why:
The opposition generally sticks to two styles of arguments: contrasting student loan borrowers to groups with even more unfortunate debt, and portraying the beneficiary of Biden’s program as a well-off, freeloading Ivy League student.
To the first, why not both? Student loan forgiveness does not mean that medical debt is now out of the picture. In fact, the student loan forgiveness program will build momentum for all pro-people, pro-working class policy. Once people see what’s possible, corporate America has less of a hold.
To the second, it doesn’t matter if a few rich students profit from taxpayer dollars. If the choice is to enact a policy that will help millions or not, a flaw that might cost a fraction of the total cost is negligible.
Finally, there’s the issue that government loan programs are part of what inflated college tuition in the first place. If so, then Biden has even more a duty to rectify the debt crisis. You can’t just ignore the needs of an entire generation in the name of returning to equilibrium.
Again, momentum is the most important long-term part. Far beyond the policy’s official expiration, Americans will remember it is a moment of victory. That cultural memory will motivate similar policy in the future, perhaps in healthcare. Even though Biden’s plan is itself very effective — for example, it will help millions with debt but no degree — we don’t even need to deeply consider that to label it as a net-positive.
