Why student loan forgiveness sparks anger: A philosopher, attorney general, sociologist and...

Maybe the question should be, why aren't some people upset about the loan forgiveness program? I had to get a student loan, my wife had to get one, both of us worked harder knowing WE agreed to pay it back. Graduating was the only option for us. Subsequently, we also applied the degrees toward our current employment, and each has resulted in our success. Why? Because we didn't go to college to screw around, to figure out if it's for us, or to waste our time. I would argue that most people who are hoping to get their loans forgiven probably didn't take it all seriously in the first place. That's not my problem, nor should it be. Not only did we pay off our student loans, but we also pay a substantial amount into taxes, which under Biden's plan allows it to go to waste through loan forgiveness. That without even implementing better programs to discourage irresponsible people from taking the loans in the first place. It's not just a fairness issue, people are abusing the system.

For me the argument isn't about fairness of me having to pay mine back versus them. That is a Sunk Cost Fallacy. That money is gone never to be returned. I did my part and took personal responsibility for my debts.

For me it is all about personal responsibility. It is about owning your debts and accepting your role in paying someone else back. If one takes out a mortgage and then defaults on the loan they repo it...same for a car, lawnmower, furniture, or a home improvement loan. When you take out a loan they ask for collateral. Student loans should come with a catch as well other than wage garnishment. I believe that if the government is going to use taxpayer dollars to bail them out then they owe the government something...military service, service in an NGO, or in civil service for a minimum commitment. That way the government is getting something back. My daughter is a nurse. She took out student loans to finish up her education for the last year. She decided to work in a rural area needing nurses and they paid back her student loans. Even our service academies require a commitment once commissioned. If for some reason they bail or get our prior to their commitment they are required to pay it back. To me it is personal responsibility. I also think that graduates these days are looking to move into a house like mom and dad have and drive the cars that mom and dad are driving right out of college and that isn't the case. There was one case I read about not too long ago about that a lawyer who is practicing making well into the 6 figures was upset that their student loans didn't get paid out by the government. They bought a 500K home and were driving a BMW and were upset they had to pay it back. That is just not right. You borrow from someone you pay them back ...real simple concept but folks are making it hard.

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The answer has always been simple, but the banks and universities have too much invested to let a real solution happen.
The real solution is to eliminate the federal and private student loan system and then allow the student loan debt to be discharged in bankruptcy if they couldn't afford to pay it. I would suggest reneging on the guarantee too.