The average college graduate in 2020 has a student loan debt of over $30,000. With an economy struggling to recover from the pandemic, the issue of student loan debt has come to the forefront. The idea of erasing student loan debt by 2023 has become a popular topic among politicians and economists. It is a goal that many are hoping to achieve, as it would provide significant relief to millions of Americans. In this article, we will explore the arguments for and against erasing student loan debt by 2023.
The Argument for Erasing Student Loan Debt by 2023
The most compelling argument for erasing student loan debt by 2023 is that it would help millions of Americans who are struggling to pay off their loans. Student loan debt is a huge burden for many people, and it can have a major impact on their financial future. Erasing student loan debt would provide immediate relief to those who are struggling to make their payments. It would also free up money for other investments, such as buying a home or starting a business.
Another argument in favor of erasing student loan debt by 2023 is that it would stimulate the economy. Student loan debt is a major drain on the economy, as it prevents borrowers from spending their money on other goods and services. Erasing student loan debt would free up billions of dollars for people to spend in the economy, which would help to boost economic growth. This could have a positive impact on the overall economic health of the country.
The Argument Against Erasing Student Loan Debt by 2023
The main argument against erasing student loan debt by 2023 is that it would be an expensive undertaking. The cost of erasing student loan debt would be in the hundreds of billions of dollars, and it would be difficult for the government to find the money to finance such a plan. In addition, some argue that erasing student loan debt would be unfair to those who have already paid off their loans or who have made a concerted effort to make their payments on time.
Another argument against erasing student loan debt by 2023 is that it would encourage people to take on more debt. If student loan debt is erased, some people may be more likely to take out additional loans, as they would know that their debt would be erased in the future. This could lead to more debt and higher levels of borrowing, which could have a negative impact on the economy.
The Final Verdict: Is Erasing Student Loan Debt by 2023 a Good Idea?
The debate over erasing student loan debt by 2023 is a complex one, with arguments on both sides. On the one hand, erasing student loan debt would provide relief to millions of borrowers and could have a positive impact on the economy. On the other hand, erasing student loan debt would be expensive and could encourage people to take on more debt than they can handle.
Ultimately, the decision of whether or not to erase student loan debt by 2023 will come down to the government. It is up to the government to decide if the benefits of erasing student loan debt outweigh the potential costs. Only time will tell if erasing student loan debt by 2023 will become a reality.
Conclusion
Erasing student loan debt by 2023 is a goal that many people are hoping to achieve. It would provide relief to millions of borrowers and could have a positive impact on the economy. However, it would also be expensive and could encourage people to take on more debt than they can handle. Ultimately, it is up to the government to decide if the benefits of erasing student loan debt outweigh the potential costs.