So why is this on a “common sense” site?
Simple… Loan debt never just disappears. It doesn’t matter if the loan is between family members, from a bank or other institution, or the government. When the party receiving the loan does not pay it back, someone else looses out.
In the case of federal student loans, the tax payers are going to food the bill. On top of the loan amounts being added to our national debt, there are other consequences that are seldom mentioned. For example, the payback of the loans is supposed to help finance future loans. Also, the interest on the loans is supposed to help pay for the processing and management of the loans.
So, in this writer’s opinion… Yes, student loan forgiveness is an attempt at buying votes.
