Read on Twitter
If you’ve been wondering lately, “How in the world can ANYONE be against blanket student debt forgiveness??” then this thread is for you 
Key objection #1: it’s a free money giveaway program, which sounds nice, except it’s directed at people who ***on average*** already have money! https://www.washingtonpost.com/opinions/biden-shouldnt-listen-to-schumer-and-warren-on-student-loans/2020/11/17/b5839042-2915-11eb-9b14-ad872157ebc9_story.html
#2: even if it does also reach some people who don’t have money, it’s.... pretty random. Why use “has college debt” as a way to identify people who need money? Wouldn’t criteria like “needs money” (see: food stamps, EITC, Pell Grants) work better? https://www.forbes.com/sites/prestoncooper2/2020/11/17/the-case-against-student-loan-forgiveness/
#3 (1/n): it, well, doesn’t solve ANY underlying causes for the debt crisis. We’re in this pickle because a) degrees are (too) pricey and b) many students don’t land jobs that justify the cost: 40% don’t finish, and 40% of grads are underemployed. https://www.burning-glass.com/research-project/underemployment/
#3: And does cancelling debt help? Well, it doesn’t make college less costly (in fact, it might increase prices) and it also doesn’t incentivize colleges to get students employed. In other words, cancelling debt is like putting a band-aid... on COVID-19. https://twitter.com/ryancraigap/status/1325113339693789184?s=21
#4: what this policy DOES do is shift the costs for 1 generation offscreen (i.e. to the taxpayer). This sends exactly the worst message to colleges: “Don’t change! The system is great, so we’re making it free just this once (wink, wink). Seeya in 4 years!” http://forbes.com/sites/prestoncooper2/2020/11/17/the-case-against-student-loan-forgiveness/
#5: spending a lot of money to poorly target folks who need money, while also giving money to folks who don’t need money, while also not solving any core infrastructure problems, is... pretty much the main argument.
...But if you want more, some finer points + sources below!
...But if you want more, some finer points + sources below!
For additional points re: already existing programs that can ameliorate this crisis, economic payoff, legal barriers, cultural impacts (growing college divide in US) + more — I’d encourage reading all above sources! And more for fun:
@PrestonCooper93 for higher ed economics
@PrestonCooper93 for higher ed economics
@stradaeducation for the data behind the college ROI crisis
@danielpianko and @ryancraigap for private market solutions https://twitter.com/wsjopinion/status/1308352950797053953?s=21
@danielpianko and @ryancraigap for private market solutions https://twitter.com/wsjopinion/status/1308352950797053953?s=21
@chronicle skills gap analysis (important, as you can see below, as every so often “the skills gap is a myth!” comes back in vogue) https://twitter.com/cassidylev/status/1295784209316040706
And (admittedly a personal plug) some of the research I’ve done with @TalentTechLabs and others on the skills gap solutions ecosystem — I.e., how we solve the college ROI problem once and for all
https://twitter.com/cassidylev/status/1229865746899054592
https://twitter.com/cassidylev/status/1229865746899054592
