Student Debt Relief

The Biden administration is proposing to use approximately $400 Billion dollars to forgive some student debts (up to $20,000). I hate when I'm on the side of the Republicans, but this proposal is madness. 

  • This relief only applies to those with current debts. So if you just paid off your student debt, or worked through college to not have any debt, or if you are set to start college next year, well you are out of luck.
  • The villains here are the colleges who charge ridiculous amounts of money and do not provide the type of education that will realistically give students a manageable way to pay their debts. This program is actually just giving these colleges money.
  • This will give future students a false sense of security to go to unaffordable schools thinking they may get money down the line too. 
  • Why do students get money for their debts, but not other people. This is a subsidy the excludes a vast majority of people.
  So what would be a better option:

  • Force colleges to justify their tuition by explicitly showing how much money students will owe, what the expected income from someone with their major will be, and how much and how long it will take to pay off the debts.
  • Tax any college endowment over $500 million. Many colleges have endowments of billions of dollars, yet they still charge students for tuition. How dare they!
  • Give more money to state colleges to make tuition cheaper and education better. California have proven that you have provide an elite education at an affordable price.
  • Provide education to high school students so they understand what they are getting into.
  • Ensure that any college that makes money from college sports, that 100% of any net revenue goes to education and not the college sports team. Student education should be the only priority. 
  • Have a permanent program to provide college relief to those people who work to better society. For example, social workers are desperately needed and horrible underpaid. 

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