We can't possibly erase student debt! Aside from it's obvious value as an obscenely lucrative cash cow, it's how we make good American citizens out of feral students; i.e., lifelong indentured servants to the banks. CONFORM CONSUME OBEY
You ask where people stand on this, but "this" is a 6 1/2 minute news video with lots of statements and ideas, including many competing and conflicting ideas. Forgiving all student debt? Impossible. Much of it is private debt. The only way the Federal government could forgive it is to pay those private loans off lump-sum. That would balloon Federal debt, and essentially shift the payment to taxpayers (including those whose loans were purportedly "foregiven") or to future generations. It would also look like a bailout/windfall for banks and other private lenders. Forgive all Federal student debt? Possible, but highly unlikely. Eliminating a Federal receivable is essentially the same as increasing Federal borrowing. The idea of tying Federal student debt payments to income, or to some combination of assets and income similar to the way that some Federal means-tested programs function now, is both workable and likely. Having Federal student debt dischargeable in some way in bankruptcy, which it is not now, seems fairly likely to me. Pres. Biden's idea of foregiving $10,000 of presumably Federal student debt - a lukewarm feel-good measure, but achievable. I doubt it would have any significant positive effect, and first I'd want to know: what's my share of that total, and when do I have to pay it? The video that's the "this" includes other ideas about the costs and payers for higher education in the US going forward, but I'm limiting my comments to existing student debt, because that's what the thread's title deals with. Still, there doesn't seem to be much point in discussing how much of existing debt to shift to Federal taxpayers in general without discussing at the same time what the future share of higher education costs should be the responsibility of US taxpayers in general, rather than students in particular. Those in favor of socializing higher education entirely should realize that merit-based rationing and loss of individual choice are most likely outcomes, and ones they will not like.
