Updated: Mar 2, 2022
The cost of education is rising more rapidly than ever before. According to the Federal Reserve, the total outstanding federal student loan debt totals to $1.61 trillion dollars as of 2022. Many students feel discouraged when applying for universities because they fear the overwhelming cost of tuition. Many progressive Democrats have been calling for student loan cancellation for many years, and the demand for forgiving student loans has been escalating ever since President Biden took office. But ultimately, is student loan cancellation a good idea? In this article, we will explore some of the advantages and disadvantages of forgiving student loans.