re: What would the economic impact be if all student loans were forgiven?

We don't have to forgive student loans, BUT we should demand that Congress dictate to the banks that student loans should be capped at 1% simple interest. Re-finance existing loans at that 1% simple interest. It's an investment to the future of our country. The banks THEN should cap student loans at $ 5000.00 per YEAR. Watch the tuitions plummet. THEN, we must get rid of tenure and fire all the anti american communist professors at all colleges.

None, they will do what they always do and raise taxes on the responsible citizens.

Biden can't forgive private loans, only ones from the federal government.

So the forgiven debt isn't paid back which means less federal revenue and adding more to the debt. That will be spread out over the life of the forgiven loans.

Might see a slight economic boost from people having and spending more money.

So it would be like any other stimulus. Small short term benefit with the bill to come later.

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College is expensive because higher ed, big banks and government are all in bed together. Higher ed knows that any idiot out there can get a federal student loan, so higher ed therefore charges more money for tuition. It's a never ending cycle. Getting the government out of the student loan business would drop tuition prices overnight

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Look at the big brain on this one!

Nailed it.

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One "unintentional" consequence of this would be a complete undermining of the idea of personal fiscal responsibility. Which is why Leftists/Democrats/Statists/Socialists favor it.

For instance, why did I save $300 dollars a month and squirrel it away for two decades for my kid's education and drive an old beater car and skip vacations and make sacrifices if the government was just going to swoop in and pay for everything?

One inviolable truth, is that if you subsidize something (not being fiscally responsible, dependence on government etc) you get more of it. All this does is make people think government is Santa , which is the real goal here; Increasing dependence on the government. This shift in thinking ends very poorly for America.

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It’s too bad that there are so many that are truly ignorant to this. I guess it’s true, stupid is as stupid does. A lesson will be learned but it will be too late by then.

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College should not be free but it should be more affordable

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If you eliminate the federal student loan programs, hell, all federal aid for universities.

It will get cheaper.

The interest rates on your (private) loans will be higher. But universities won’t be able to charge as much.