Who is going to pay for it?
Eliminating student debt would be a giant welfare program for the upper middle class, writes David Leonhardt in the New York Times.
Most people struggling to pay off their debts are not graduates of four-year colleges. They are instead non-graduates — people who attended college (often a for-profit college) but never received a degree. They have the worst of both worlds: debt and no degree.
Most graduates of four-year colleges, by contrast, are doing just fine. I know you’ve probably read stories about liberal-arts college graduates who ran up enormous debts and now can’t find decent work. But they are the rare exceptions.
Most college graduates come from higher-income families. Those who owe the most often have earned medical, law and business degrees.
https://www.joannejacobs.com/2018/11/forgiving-student-debt-is-welfare-for-the-well-to-do/