Forgiving student loan debt would hugely benefit American society, holds Annie Lowrey of The Atlantic. This debt cripples many people for years after they graduate college. Student debt hampers small businesses being created, houses being bought, postpones retirement and delays young people's decision to marry and have kids. Many suffer from depression because of it. Freeing people from such a heavy burden would allow them to lead more productive and happy lives. It would also help out millions of poor families that are struggling immensely with this debt in the middle of the pandemic. The benefits far outweigh any downsides of forgiving student debt.
Student loan debt forgiveness offers few benefits, holds the editorial board of National Review. Many borrowers are already in high-paying jobs thanks to their degrees and don't require federal assistance. The biggest student loan debt numbers come from graduate degrees that tend to put people on a path that allows them to pay off their debts. Low-income people with student loan debt already get a lot of assistance from a variety of institutions. This policy would also offer very little stimulus to the economy, as much of the money wouldn't have been paid off for many years anyway. Taxpayers should not be made to bail out America's college graduates.