Fair to all?

 Once more on the whole forgiving student loan thing. We have to ask a simple question, is an education a commodity? In one sense it is, but in another it is certainly not. You can't take an education away from someone. That is to say, once you have "purchased" that product it is yours forever. That being established you have to ask is it fair to forgive a loan taken out on a product that you, as the lender, can never recover? At least with a commodity I can recoup some of my lose by repossessing the product. Not so with a college degree. What other things can you default on the loan and keep the product? Medical expenses may be one, you could declare bankruptcy but that is certainly different than loan forgiveness. Bankruptcy carries long term detrimental consequences, loan forgiveness does not. Should this Biden "loan forgiveness" plan carry the same consequence as a bankruptcy? That would seem fair enough. The reason for not paying, for forgiveness, is the same, should not the consequences? You could say some car loans are predatory, some offers from credit card companies are certainly predatory, and even some mortgage companies. Are any of those being considered for forgiveness? Forgiveness while you get to keep the car, the home and all the goods purchased on those credit cards without any negative effect on your future credit worthiness.   

 Going to college and obtaining that degree is speculation. The individual is speculating that the degree will enable them to pay back the loan. What other purpose does that degree serve? It isn't a guarantee, it isn't even a promise, it is an advantage gained, much like a great deal of practice is an advantage in sports or playing a musical instrument. You will have an advantage over the inexperienced but sucess is not guaranteed. Those that invest, speculate, in other products are not extended forgiveness when their choices fail. Should have bought into VHS tapes rather than Beta. No loan forgiveness for any of that. I bought a home but can't afford to pay the mortgage and the heating and electric bills while feeding myself and my ten children. No loan forgiveness there, just homelessness. Have to hope for charity.

 I've heard some talk that just the interest should be forgiven, that it would be fair to do that. Fair to whom? The one loaning the money, whether it is the government or some other entity, they did so to make a profit. They are speculating as well. Should that profit be denied when your speculation proves wrong? That is to say, you made a bad investment? Yes, there is a bit of risk when loaning money out and agreeing to receive payments over time in return. That's the purpose of that interest after all, making it worth the wait on the part of the one lending the money. That is their interest: making money. How is it fair to remove that interest? You received what you wanted, your interest was satisfied, why shouldn't theirs?