My friend Rick Hess has recently written a good explanation of the loan forgiveness plan proposed by Senator Elizabeth Warren. Rick is a well-known author and authority in the progressive leadership for all levels of education. I had the fortune to work with him on an AEI committee and found great respect for his knowledge and wisdom.
I have included his article and have summarized some of this highlighted points.
- Public as in the past need to take responsibility for loans. (median student loan debt is 17,000 dollars)
- Paying off debt with government tax money is an insult to the intelligence of the tax payer.
- Middle class workers who work hard to pay bills will be excluded from Senator Warren’s plan.
- Those who benefit will be unemployed age in twenty-something with poetry grads from pricey schools win big.
- precedence on bail outs has become a false answer to improvement plans
- Senator Warren’s plan rewards big borrowers
- Sets up punishment for those who have scrimped and teaches that playing by the rules is for suckers.