R: Forgive Student Loan Debt

The resolution this week is both timely and personally relevant for many in the Party. Collectively, Americans owe $1.75 trillion in student loan debt, 92 percent of which is from federal student loans. The average debt for students in the state of Connecticut is over $35,000. Both sides of this resolution will likely agree on one thing—the student debt situation in the United States is bad. The pivotal question is not whether a problem exists, but what should be done about it, and more specifically, whether legislative action in the form of debt cancellation is an appropriate remedy. Speeches should especially consider President Biden’s recent executive action on loan cancellation as a starting point.

The affirmative might argue that the system is fundamentally oriented to entrap students with unjust and predatory loans, and that loan forgiveness is the most practical solution. After all, why should the individual bear the burden for a crisis which is not his fault? If, as one article claims, the student debt situation is a crisis of the federal government’s own making, shouldn’t they hold some responsibility in mitigating its effects? A common argument in the negative says that student loan forgiveness is unfair to those who have already paid off their debt; however, in shifting responsibility to the taxpayer, doesn’t broad loan forgiveness have the same effect as simply increasing taxpayer funding for public universities? Though the packaging is different, the results are the same.

The negative might respond that the process of taking out student loans is not obscure—each student enters into a contract with eyes wide open. Lenders may be unfair or uncharitable, but they are not unclear or fraudulent (usually). That the system is designed for the maximization of profit does not excuse irresponsible or unnecessary borrowing. Further, the precedent of debt cancellation might discourage future borrowers from using wisdom, diligence, and discipline in their personal financial decisions. And while one can even find biblical precedents for loan forgiveness, it’s a bit of a misnomer here: in the context of Biden’s executive action, all we get is a transfer of wealth from the average taxpayer to those in need of relief. The debt is not owed to the taxpayers, so by what authority can they be forced to “forgive” it?

For those in the affirmative, this debate should move beyond the hypothetical: once you’ve established that loan forgiveness is a reasonable solution for our current ills, how can it best be accomplished under the current system? If President Biden’s plan is not up to snuff (either constitutionally or practically speaking), how might we improve upon it? For those in the negative, is this crisis merely a failure of personal responsibility? If there are additional factors at play, why should the individual be held solely responsible for the fruits of a thoroughly nefarious system? If loan forgiveness is not the solution, what is one to do when he finds himself trapped in spiraling debt?