Should student loan debt be canceled? | The Tylt

Should student loan debt be canceled?

Democratic presidential candidates Elizabeth Warren and Bernie Sanders have plans to cancel student loan debt. Sanders is proposing to cancel all student loan debt outright. Warren has a more moderate tiered plan which would forgive up to $50,000 depending on your income. Canceling student loan debt would bring relief to an entire generation of Americans. Critics of the idea say it would be enormously expensive and unfair to those who worked hard to pay off their debt. It's better to expand the current forgiveness programs and make reforms instead. 

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Should student loan debt be canceled?
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The student loan debt crisis is the product of the government working on behalf of the wealthy and powerful instead of working-class people. Millennials are blamed for killing everything because everyone is buried in debt.  Warren argues the student loan debt crisis was ultimately fueled by government inaction. 

Policymakers stood by as state after state pulled back on investments in public higher education and sent tuition soaring. They stood by as for-profit colleges exploded, luring in students with false promises and loading them up with debt as their executives and investors raked in billions in taxpayer dollars. They stood by as employers demanded higher credentials while offloading the cost of getting those credentials onto workers. And they stood by as corporations made huge profits off of the new skills graduates gained through higher education while giving workers almost nothing in the way of wage increases — increases policymakers falsely promised would make graduates’ debt worth it.

It's time for the government to take action. By canceling the debt and making college affordable, the government would remove a huge weight from millions of Americans. According to Elizabeth Warren, canceling student loans would ultimately help the economy:

The experts also conclude that my plan will likely provide a boost to the economy through “consumer-driven economic stimulus, improved credit scores, greater home-buying rates and housing stability, higher college completion rates, and greater business formation.”
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Canceling student loan debt would be a big boost to the economy.

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Those opposed to the idea don't like it because it's fundamentally unfair to those who did pay of their debt. They worked hard and made sacrifices to make it happen—what do they get? People must be responsible for their choices. If they chose to take on debt for a degree that doesn't lead to a good job, that's on them. It's unreasonable to expect other people to pay for your mistakes. 

Here's how Washington Post columnist Allen Sloan puts it: 

It would enrage millions of people like my wife and me who made serious financial sacrifices to pay our kids’ private-college costs for undergraduate degrees without us or our kids having to incur debt.
Lots of other people have had similar experiences or went to cheaper colleges to avoid piling up debt. Some did what I did and picked a one-year graduate program over a two-year program to save money.
Then there are millions of us who took out student loans, worked hard, lived frugally and paid off (or are paying off) what they borrowed.
Canceling existing student debt would make many of us who scrimped and saved and were prudent and paid our debts feel like suckers.
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No one was forced to take a loan. You should be responsible for your decisions. 

FINAL RESULTS
Politics
Should student loan debt be canceled?
A festive crown for the winner
#CancelStudentLoanDebt
#PayYourShare