Should Student Loans Be "Cancelled"?

The cost of a college education is something that not many can afford and I say that as a university employee who raises money for scholarships. The average student where I work pays about $30k a year when you factor in room and board costs. I don't think it's wise for 22 year-olds to start their professional careers close to $100k in the hole. Places with large endowments can help lower the costs but my school isn't in that category. Most of our 'scholarships' are basically tuition discounts to get our tuition competitive with the state schools. Personally, I think there are some kids who shouldn't go to college. One of my sons went to school, got a job in his field and hated it. He's now going through the electrician apprenticeship program and he's so much happier. He got married last year, they just bought a house recently, and he'll do very well as an electrician.

But to your question - it's just a much bigger issue and schools are pricing themselves so high that kids have to take out huge loans to go to school and then face huge debt when they graduate. that is what needs fixed - if you take the loans you should pay them back but some should realize they shouldn't take the loans. Our kids were fortunate that I worked at a university and they were able to take advantage of our tuition exchange program - all 3 graduated tuition debt free. Our sons are both married and their wives both have debt from their college days. Back when I went to school I owed $3000 when I graduated. $3000 back then certainly couldn't be the equivalent of $100k today. And now, think of all the revenue the schools are losing due to COVID and the lack of athletic dollars. Some places are going to shut down, for sure. When schools like Stanford, Iowa and Clemson are eliminating sports teams it's hard to imagine smaller places with far less revenue and resources surviving.