Dear Editor: The final argument from the letter supporting student loan forgiveness, “Oh, and have some heart”, speaks volumes relating to political supporters that want to create policy based on feelings rather than policy based on facts. Many would feel honored and fortunate to be able to send a child to college; however, the fact is, many are struggling to get food on the table, gas in the car, and send their own child to school.
Our policymakers continue to pour gas on an already blazing fire. “Student loan forgiveness will have the same effect as a $10,000-$20,000 stimulus check”. This adds more fuel, spending that raises demand and increases inflation. The Wharton School of the University of Pennsylvania says that student loan forgiveness will add $300 billion to the deficit.
The predatory lenders, mentioned in the letter, have been colleges and universities. When the government took over the student loan program in 2010, schools encouraged students to borrow. Excessive debt was induced while placing all the risk on somebody else (taxpayers). Anyone who has been on a college campus has witnessed where the skyrocketing cost has landed, constant new construction and administrative staff that far exceeds teaching faculty.
Presently, the unemployment rate is 3.7% and there are 11.2 million available jobs. Wages, presently, are rising. Many Americans struggle to understand why an individual making $125,000/year or a couple making $250,000/year cannot make payments on their loans. Since only Congress is authorized to spend money, this subsidy not only goes against the Constitution, it is dreadfully unfair to those who have repaid their loans or those who never went to college.
_L Brandon, Madison