Having read the news articles regaling us with all the things the two parties are doing or going to do for us, I am struck by a particular travesty; the Democrats call for “Federal Student Loan forgiveness.” As seen in columns found in this newspaper and others, there are those who champion the wholesale or partial “forgiveness” of college student debt, touting the benefits to both the borrowers and the economy in general. In their haste to “help” these individuals, they say nothing of those hard-working, responsible Americans who paid off their loans or paid as they went, discussion of the 8% of private lending, nor address the actual costs associated with such a plan.
Currently, the national debt for student loans stands at over $1.6 trillion and costs American taxpayers between $31 to $300 billion depending on the accounting methods. This situation, blamed on every entity and aspect of American society, is in reality the fault of Congress. Your federal government, by passing bills in 1980, 1992 and 2006, caused this mess with the broadening of federal loan programs, resulting in profiteering by predatory lending institutions, proliferation of dubious for-profit colleges and public college costs increases.