All Consuming – Financial Litigation Insights, Volume 3, Issue 6 | Spilman Thomas & Battle, LLC

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Student loan forgiveness is completely unfair to these people

“If President Joe Biden proceeds with large-scale student loan forgiveness, the most likely beneficiaries could be federal borrowers earning up to $150,000 a year.”

Why it matters: In the ongoing student loan debt debate and President Biden’s campaign promise to solve the problem of rising student loan debt through forgiveness, not everyone is agree with the idea of ​​canceling student loans – even the cancellation of a small amount of student loan debt. As a recent article pointed out, loan forgiveness as it is currently discussed is unfair to at least seven types of people: (1) those without student debt, (2) those who have not attended college, (3) those who have already paid off their loans, (4) those who have chosen a community college, (5) those who have private student loan debt, (6) those who who have significant student loan debt and (7) prospective student loan borrowers. What the article emphasizes is that no single solution will address all of the different constituencies and that no single solution will address the myriad nuances of situations for different student borrowers. Until an announcement is made, the debate over student loan forgiveness is likely to produce mixed ideas and reactions.

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