Student loans are taxes on socioeconomic mobility. If you were a single mother in the 1990s who went to a commuter school to become a nurse who used student loans to buy groceries for her children and pay rent, you pay a >50% tax rate for the rest of your life
Inevitably somebody will say: what about doctors and lawyers and MBAs with $200k in student debt who make $300k a year. Are they being taxed for socioeconomic mobility. And the thing is that the answer is yes
It’s very simple: if you are the child of a doctor/lawyer/MBA or otherwise able to pay the sticker price for school in cash, you pay no interest and therefore pay less money than someone who was the child of a teacher who dared to try to make more money than their parents
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