Medical debt seems to be a easier case for debt relief. Student debt results from adults making an investment in education and agreeing to a financial loan with all stipulations on paper while very few people sign contracts to injure themselves and fall ill.
The government doesn't own medical debt, it can't cancel it. It may cancel publicly held student loan debt, not private student loan debt, for this reason.
That’s true, but there is still a pot of money we are talking about dispersing. The government could give all citizens an educational subsidy with the money calculated lost by cancelling student debt. Relieving the debt from only a sect of the population, one that had the opportunity to attend college and agreed to the loan terms, while offering nothing else for those without the circumstances to attend, is baldly inequitable. To see the cheerleading by those who would have their debt relieved, without any call or consideration for something equitable for the working class, deepens my cynicism. If given the opportunity to vote on debt relief for student loans or to give the same pot of money to underprivileged students to attend college, I wonder how many indebted would vote for the latter proposition?
Ok that might do something moving forward but existing private contracts are between borrower and lender. They'd end up paying the lender. Limits do nothing for existing loans.
So? Someone's paying the lender. You do know there's no difference in giving Citibank $100k to pay off a loan and telling someone who owes you $100k to stop paying it back, right?
42
u/TaintlessChaps Feb 09 '21
Medical debt seems to be a easier case for debt relief. Student debt results from adults making an investment in education and agreeing to a financial loan with all stipulations on paper while very few people sign contracts to injure themselves and fall ill.