I see five problems:
1. If you were stupid enough to go to a out-of-state school, borrow $125,000 to pay for the deal....you deserve to pay entirely out of your pocket for the stupidity.
2. I think if you measured up the people who are getting cancellation deals by the administration....probably 95-percent are white and working in jobs that pay less than $40,000 a year. For blacks, Asians and Hispanics....I would guess they are marginally getting the free deal.
3. All of this....within three years....will lead to the federal government getting out of the loan business, and creating a massive collapse of the college system without kids having the money to afford the stupidity.
4. Even if you gifted $15,000 of free money to a stupid kid with a $90,000 loan....if you sit and ponder over the finance side.....the kid is still in deep debt problems.
5. The people you really piss-off? Some gal or guy who borrowed $80,000 back in 2006, and finally paid off his/her loan in 2021....with them looking at the $120k they paid on the stupid loan and how they got screwed over. There's probably over half-a-million of these people who think about the subject almost daily now.
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