In a nutshell, why Republicans don't like student loan forgiveness:

[BWdem4life]

It helps more Democrats than Republicans.

According to a Pew Research Center poll released this week, Democrats are now the party of college graduates, especially those with post-graduate work. Meanwhile, people with a high-school degree or less, by far the larger group, slightly lean toward Republicans.

Both preferences are the reverse of what they were in the 1990s.

https://www.washingtontimes.com/news/2018/mar/22/democrats-more-educated-republicans-pew-research-c/

Republicans have turned their backs on higher education. So, it's Democrats who are benefitting the most from student loan forgiveness.

This reason, of course, is on top of the usual hatred, cruelty, and social Darwinism of their party.

[Skittles]

1. repukes like uneducated voters

yup

[canetoad]

2. I'm sorry. This is four years old

From a right wing source.

Please elucidate your reason for posting

[UCmeNdc]

3. GOP Greed

[Slammer]

4. Everyone has their pet theories

...but Republicans have been against student loan forgiveness for decades, even back when it would have been more advantageous for their voters than for Democrats.

The student loan forgiveness that Biden is doing is somewhere between $440 billion on the low end and $880 billion on the high end (according to how many student loans which are still out there for students who also got Pell grants which would double the amount of loan forgiveness they get).

The current national debt at this moment according to the national debt clock is 30.77 trillion dollars.

The student loans which the government has given out is part of that debt. But that's been okay on many levels because there's been a guaranteed stream of revenue to pay off that portion of the debt and to pay off the interest on that portion of the debt.

The problem that most Republicans have had over the decades with the idea of student debt forgiveness is that the money to pay the national debt still has to come from somewhere. And forgiving the debt means that the money will no longer be coming in to pay it back from the people who borrowed the money.

We're far, far more in debt than we were immediately pre-pandemic. And at that point, we were far, far deeper in debt than we were at the beginning of the Trump administration. And at that point we were far deeper in debt than the beginning of the Obama administration. And at that point we were far deeper in debt than the beginning of the Bush administration. And at that point we were far deeper in debt than the beginning of the Clinton administration.

Now leaving off talking "Republicans and Democrats" and instead talking about non-political reality:

We're now dangerously close to the point of no longer being able to borrow vast new quantities of money at great interest rates...because it's becoming apparent that we're politically unstable, because we have frequent national debates on whether we're going to repay our debt, and because most of the other western countries are up to their eyeballs in their own debt and don't have unlimited extra trillions of dollars to loan to us.

If interest rates on treasury bonds go up to 7-9%, which has been fairly common historically, it'd take almost all the tax revenue coming in yearly just to pay the interest on the existing debt. We've been able to handle doubling and redoubling our debt because we've held interest rates abnormally low in a low inflation environment. But that seems highly unlikely to be the environment we're going to be facing in coming years.

So in that environment, the president has eliminated the revenue stream which would pay back $440-880 billion dollars of debt plus the yearly interest on that debt.

It's not great timing from a financial point of view and sends a terrible message to all the foreign countries which buy our debt, hoping that they'll get repaid with interest. From their point of view we've basically added half a year of US government spending to our deficit totals overnight.

Biden's doing this because he can do it with the stroke of a pen without having to push legislation through Congress, not because it's the absolute best plan to help people. And it does nothing to change the fundamental problem we have in pushing dubious student loans onto people or addressing the cost of college in general.

[Recursion]

5. 1990s? That's a reverse from 2012, even (nt)

[mnhtnbb]

6. Republicans don't like student loan forgiveness

because they can see where we are headed: towards control of the House and Senate for the last two years of Biden's current term as President.

What does that mean?

Fixing Social Security funding, which means higher taxes for those with higher income.

Balancing the budget, which means higher taxes for those with higher income.

Addressing climate change, which likely means reducing the income of the fossil fuel industry.

Republicans woke the dragon when their politically stacked Supreme Court overturned Roe v Wade. They didn't anticipate the anger of women nor did they realize that once Democrats controlled both the House and the Senate that they would be able to fix several huge problems that have been festering for a long time because Republicans are greedy and only care about using government to line their own pockets.

Throwing tantrums about the inequity of student loan forgiveness is one of their last chances to distract voters from what Democrats are about to be able to do after the Election in November: fix problems created by or made worse by Republican greed.

[Johnny2X2X]

8. 33% of those getting forgiveness from Biden don't have a degree

It's a lot of people.

And people also forget that trade school grads also carry student loans, there's a ton of blue collar workers who also have loan debt.

[jmowreader]

10. Another reason they don't like forgiveness...

…is high student loan debt tends to lock people into bad jobs.

If you have $75,000 of debt hanging over your head and you know your boss likes to fire people who look for other jobs, you won’t look for a new job. You’ll take the abuse of your current one so you can keep making your payments.

[EnergizedLib]

11. Maybe because

Their polices are a crock of trash and people who see the light don’t vote for them?

It’s the same reason they want to disenfranchise women and minorities, that’s how they can win.