Commonwealth Policy Center

Student loan debt has tripled in the last 15 years. Now President Joe Biden is saying that he has the authority to cancel all student loan debt. In response, over 80 House and Senate members are asking the president to justify his authority in canceling such debt. Many are concerned about the fairness of such a move. Is it fair to those who chose not to go into debt, those who didn’t go to college, and those who chose to be frugal and responsible with their finances? Many are asking how is it fair to them? Look, if you take a loan, you are responsible for paying for it. Not your neighbor. And not the government. Altogether there’s $1.7 trillion in student loan debt in the United States. Canceling such debt sends the wrong message and puts someone’s personal decision on the shoulders of taxpayers.