Paul Morigi, Stringer / Getty Images for We, The 45 MillionThe issue of loan forgiveness is a topic worthy of community debate. We should appreciate the benefit of an educated, productive citizenry. But we should be mindful of the prudent expenditure of tax dollars. The cost of higher education is increasing at a rate higher than inflation and at a rate higher than the earnings of most Americans. Studies have shown that tuition will increase because colleges will be paid whatever they charge.
When I came into medical practice in the late ’70s, providers were told to increase their Medicare billing, for any service, a certain percentage annually. One had to “keep their profile up.” And the government paid providers increasing dollars every year, until medical costs became so burdensome that major limits for reimbursement became necessary. Those revisions continue.
In the same sense, isn’t it time to limit the “profile” that universities charge, the sums that federal loans help to pay? Let’s be mindful of the enormous endowments some institutions hold. Perhaps it is time to repurpose some of these endowment dollars. We all have a stake in the education of our students. Universities need to do some heavy lifting to reduce the cost.Unsurprisingly, the Express-News Editorial Board is in favor of forgiving student loans.
How is it fair to people who never attended college, those who already paid off their student loans, those who saved and went to junior college to avoid loans, and taxpayers?When have the feds ever stopped a “temporary” program? Should the feds forgive a portion of home mortgages, car loans and credit card debt? How will the feds pay for this? We already have more than $30 trillion in debt.
Instead of forcing taxpayers to pay off student debt, the Express-New should set up a crowdfunding account. Forgiving debt will not solve the problem, it will make the problem worse.
Not the answer to forgive business PPP loans either but they did.
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