Friday, November 18, 2022

Why Student Loan Forgiveness Matters

According to a Brookings survey (and they lean left), 28% of students with federal student loans did not know that they had taken out student loans and 14% believed that they had no student debt at all!

How could this be?  I took out a $1000 student loan in 1974 when I started at USC.  After a year there I had completely forgotten about it.  About nine months and two residential moves later, a letter to my sister reminded me about the debt.  Then I remembered sitting at a desk in a bank signing up for the loan.  Fortunately I was a dropout who did not get a degree in Victim Studies, so i was able to get a good job and I paid it off in two months.

I can easily see how many students could not remember that they had taken out a $5,000 student loan.


  1. In my mind the first thing we need to do with regard to student loans is to allow them to be forgiven through bankruptcy.

    Current law creates a form of debt peonage, and should never have been allowed.

    1. And who is responsible for that provision? Sen. Joe Biden (D-MBNA).