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Why student loan forgiveness should target the graduates who need it most
By Sheila Bair (original source Yahoo Finance)
“Massive student debt forgiveness — a centerpiece of the campaigns of both Elizabeth Warren and Bernie Sanders — has gone bipartisan. And no wonder. With 43 million people holding student debt and pretty much everyone in the country knowing someone who is struggling with it, the issue has powerful political appeal.
The bidding opened with Warren’s proposal last spring to forgive up to $50,000 of federal debt for borrowers making less than $100,000 annually, gradually phasing out for borrowers making more than $250,000 per year. She was one-upped very quickly by Bernie Sanders’s proposal to forgive all federal student debt — about $1.4 trillion.
Now comes Republican A. Wayne Johnson, a former senior Trump education official harboring designs on the open Senate seat in Georgia, one-upping the Democrats. He proposes to forgive up to $50,000 of debt and provide tax credits up to that amount for borrowers who have already repaid their student loans. Going forward, he would scrap student loans completely in favor of $50,000 grants per student to cover higher education costs.”
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