Student loan debt is a major crisis in the U.S. that’s holding many borrowers back from economic security, starting families, pursuing homeownership and more. Forgiving all student loan debt for the most burdened borrowers would give them the freedom to pursue their financial dreams.
This bill would be incredibly expensive, and it’s unclear whether the proposed funding mechanism — a wealth tax on ultra wealthy Americans — would be enough to cover it. Furthermore, this legislation doesn’t address the real cause of student loan debt: soaring college tuition. In fact, it may exacerbate that problem.