Advocates expressed anger and disappointment on Friday in response to news that the Biden administration is leaning toward forgiving $10,000 in student loans per borrower.

Source: Biden leans toward $10,000 in student loan relief, advocates push back

Rather than saying “thank you for helping us”, they whine and “express anger and disappointment”. Says a lot about these people.

  • They voluntarily entered into loan contracts.
  • Why are education loan contracts prioritized for cancelation over medical debts (there is no relief for medical debts)?[1]
  • Or for that matter, why do we cancel education debts but not a business loan taken out by a 21-year-old entrepreneur? Why is one a higher priority and value for cancelation?
  • The majority of the debt is for those earning high income professional degrees in fields like medicine, law and business. Why should those without college degrees pay for these high income individuals’ education?
  • When the government makes education debt “free”, this encourages colleges to price their offering higher in the future. That’s how a market works. If you subsidize the purchase of goods, the market clearing price will move higher (all else being equal).

[1] We paid off a $20k medical bill last year, incurred because the corrupt local hospital monopoly accepted a negotiated payment from the insurer and then “balanced billed” us for the remainder of their hyper inflated Charge Master fake prices. There is no debt relief for medical debt which is de facto not voluntary – but there is debt relief for voluntary education loans.

We eliminated one of our kid’s large education debts, and paid direct costs for two others. I should have been irresponsible and waited for other taxpayers to foot the bill. I am a total moron. Being responsible for one’s own actions is so 1999.

I had to pay 100% of my own college tuition for undergrad (1980) and graduate school (2001 and 2012 – two Master degrees). I’ve certainly done life all wrong.

By EdwardM