COMMENTARY: Working-Class Americans Would Be Victims, Not Victors, of Student Loan Forgiveness – By Lindsey Burke (CNS News) / Nov 17 2020
Senate Minority Leader Chuck Schumer, D-N.Y., and Sen. Elizabeth Warren, D-Mass., are calling on the next administration to forgive $50,000 in student loan debt for every borrower through executive order, doing so, in Schumer’s words, “with the pen as opposed to legislation.”
As higher education scholar Preston Cooper writes, “at a cost of roughly $1 trillion, that might be the most expensive policy ever enacted by executive order.”
Not only does such a proposal come with a breathtaking price tag for taxpayers; it’s simply unfair. Blanket loan forgiveness is regressive, rewards higher-earning graduate students, and sets a bad precedent for the future.