Taxpayers shouldn’t foot loan bill

OPINION:

I am a Democrat who disagrees with President Biden’s plan to forgive billions of dollars in student loan debt (“Biden buys the vote with student loan forgiveness,” Web, Aug. 30). A different plan is needed.

Loan-debt cancellation is a slap in the face to those who did repay their student loans. Also, it would enrich colleges whose counselors deliberately misled students about the economic value of the degrees sought. 

Here is an alternative debt forgiveness plan: The colleges that benefited from misleading the students who took the loans, the banks that originated the loans and the banks or financial groups that bought the loans before they were given to the federal government to collect through the IRS and others should each pay 25% of the loan, interest and any additional fees or charges. The students should pay 25% of the original loans but have the interest and fees forgiven. 

The colleges, banks and financial groups that profited from the student loan programs were working together to take advantage of students with insufficient knowledge or experience to enter into the agreements with “eyes wide open.” But to saddle the taxpayers with a complete debt erasure makes us the new “debt slaves” of the colleges, banks, financial groups and now the federal government through tax-paid bailouts for those who caused the problems in the first place. 

WOODROW WILCOX

Dyer, Indiana