President-elect Joe Biden says there should be an $10,000 student loan forgiveness. He also mentions doubling Pell Grants and access to free education for anyone making less than $125,000.
However, there's a lot of people on social media who think this is a bad thing, but those are probably people with no student debt or who never went to college and they are only saying it's bad because they like to argue on the Internet and they have literally no brain.
The good thing about student debt forgiveness is that people will then spend their money in other parts of the economy. Let's say for example my student loan is $1500 a month and I get a little bit of student loan forgiveness. Now my bill is $1000 a month and I have $500 extra to spend on my bills or anything else.
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Since I'm an American, I like to spend money, and what do you think I will do with that extra cash? I will most definitely spend it. This is money that will end up FUELING THE ECONOMY instead of handing it directly to a bank and an interest payment.
The biggest problem here is high interest rates. Lower the interest rates from 9-10% down to 1-2% and you won't ever need to have a student loan forgiveness plan in the first place.
Why can I get a car at 0% with good credit, but not get my student loans at 0% with good credit? Makes no sense whatsoever.
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And my loans are mostly paid off anyway, so this doesn't really affect me - but my thing is this - fix the darn high interest rates on loans and credit cards and then you won't ever have to forgive them.