{"id":2712,"date":"2022-08-24T21:00:03","date_gmt":"2022-08-25T01:00:03","guid":{"rendered":"https:\/\/americancompass.beckandstone.com\/bidens-student-loan-forgiveness-is-wrong-heres-how-to-handle-college-debt-instead\/"},"modified":"2022-11-25T16:26:55","modified_gmt":"2022-11-25T21:26:55","slug":"bidens-student-loan-forgiveness-is-wrong-heres-how-to-handle-college-debt-instead","status":"publish","type":"post","link":"https:\/\/americancompass.org\/bidens-student-loan-forgiveness-is-wrong-heres-how-to-handle-college-debt-instead\/","title":{"rendered":"Biden\u2019s Student Loan Forgiveness is Wrong. Here\u2019s How to Handle College Debt Instead."},"content":{"rendered":"\n<p>Today, with the stroke of a pen, President Joe Biden made millions of Americans up to $20,000 richer by excusing them from repayment of money they had borrowed, costing taxpayers hundreds of billions of dollars.<\/p>\n\n\n\n<p>The recipients aren\u2019t the poorest Americans, the neediest, the unluckiest, the most indebted or those serving our nation most nobly. They qualify, rather, because they borrowed money for college.<\/p>\n\n\n\n<p>Politically, it may be savvy to deliver on a <a class=\" js-tealium-tracking \" href=other/11553051229117235269f80 target=\"_blank\" rel=\"noopener\" data-tracking=\"mpos=&amp;mid=&amp;lindex=&amp;lcol=\" aria-label=\"key campaign promise (opens in a new window)\">key campaign promise<\/a> to the college-educated base of the Democratic Party. Notably, many of those receiving relief <a class=\" js-tealium-tracking \" href=index-1536.html target=\"_blank\" rel=\"noopener\" data-tracking=\"mpos=&amp;mid=&amp;lindex=&amp;lcol=\" aria-label=\"borrowed to finance graduate degrees (opens in a new window)\">borrowed to finance graduate degrees<\/a> like JDs and MBAs \u2014 a group hardly in need of financial help, but one that will remember this giveaway come November. But from afar, this choice looks absurd. As of June, American households held more than <a class=\" js-tealium-tracking \" href=other/_-33 target=\"_blank\" rel=\"noopener\" data-tracking=\"mpos=&amp;mid=&amp;lindex=&amp;lcol=\" aria-label=\"$4.5 trillion in consumer debt (opens in a new window)\">$4.5 trillion in consumer debt<\/a> (excluding home mortgages), most of which was <i>not<\/i> student loans. According to the Federal Reserve, fewer than 1 in 4 households have student-loan debt, and it is more common <a class=\" js-tealium-tracking \" href=index-1552.html#series:Education_Installment_Loans;demographic:inccat;population:all;units:have\" target=\"_blank\" rel=\"noopener\" data-tracking=\"mpos=&amp;mid=&amp;lindex=&amp;lcol=\" aria-label=\"among those with higher incomes (opens in a new window)\">among those with higher incomes<\/a>. By what logic is \u201cborrowed money for college\u201d a sensible standard for selecting the recipients of unprecedented public beneficence?<\/p>\n\n\n\n<p>The logic is uniquely American, and incredibly harmful. It is captured well in the familiar Hollywood trope of a teenager, discovering his family\u2019s financial troubles, conceding gloomily that he can abandon his first-choice school and attend the state university nearby, only for a determined parent to insist: <i>No, we will find a way<\/i>.<\/p>\n\n\n\n<p>In America, this is meant to be inspiring. But the statistics suggest it\u2019s more likely to be a tragic mistake.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>America has turned higher ed into a lavishly expensive sacred cow, and now we\u2019re all footing the bill. Let\u2019s make college debt boring again, argues Oren Cass.<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_tec_requires_first_save":true,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"_EventAllDay":false,"_EventTimezone":"","_EventStartDate":"","_EventEndDate":"","_EventStartDateUTC":"","_EventEndDateUTC":"","_EventShowMap":false,"_EventShowMapLink":false,"_EventURL":"","_EventCost":"","_EventCostDescription":"","_EventCurrencySymbol":"","_EventCurrencyCode":"","_EventCurrencyPosition":"","_EventDateTimeSeparator":"","_EventTimeRangeSeparator":"","_EventOrganizerID":[],"_EventVenueID":[],"_OrganizerEmail":"","_OrganizerPhone":"","_OrganizerWebsite":"","_VenueAddress":"","_VenueCity":"","_VenueCountry":"","_VenueProvince":"","_VenueState":"","_VenueZip":"","_VenuePhone":"","_VenueURL":"","_VenueStateProvince":"","_VenueLat":"","_VenueLng":"","_VenueShowMap":false,"_VenueShowMapLink":false,"_tribe_blocks_recurrence_rules":"","_tribe_blocks_recurrence_description":"","_tribe_blocks_recurrence_exclusions":"","footnotes":""},"categories":[7,236],"tags":[32],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Biden\u2019s Student Loan Forgiveness is Wrong. 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