The Student Loan Forgiveness Scam

It’s hard to imagine how we could screw up higher education any more than we already have, but we’re about to—if we make sweeping student loan forgiveness a reality. How? To answer this question, we must start by asking another one: cui bono?

#studentloandebt #studentloans #debt

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It’s hard to imagine how we could screw up higher education any more than we already have, but we’re about to—if we make student loan forgiveness a reality.

There’s a Latin phrase that helps explain why. The phrase is “cui bono”—who benefits.

In the case of student loan forgiveness, it’s first and foremost the colleges and universities who can charge outrageous tuition largely paid for by student loans; second, politicians who make cheap promises of debt forgiveness to win votes; and third, students from upper middle-class families who would get taxpayers to pay off their student debt.

Who doesn’t benefit? Everyone else. That includes those who didn’t go to college and a new class of “suckers”—people who went to college and paid off their student loans. Student loan forgiveness is a reverse Robin Hood—it takes from the poor and gives to the rich.

The most obvious argument against forgiving student debt is that no one forced anybody to borrow money for college. Why, then, should others be forced to pay it off? Before you think I’m going to go all tough love on you, let me say that I have a lot of sympathy for young people who have dug themselves into the student debt hole. I am one of them.

For decades, our society has made the claim that you need a college degree to get ahead in life, and that the smart bet was to take out any amount of loans to ensure a bright future.

And if you need help with the tuition? Uncle Sam—the U..