As someone who was broke all throughout the 1980s because I had always paid my own tuition, I am not in favor of complete forgiveness. It's going to have to be paid for somehow and no one should be let completely off the hook. I paid my way, so should they.
I am in favor of partial forgiveness, plus a really low interest rate. That's what I've heard is the real problem. All lot of these student loans are outsourced to private companies who charge up to 6%. It should be no more than 1% or 2% or so to cover loan servicing fees and there needs to be a department in the federal government that will oversee it all, and to take down the predatory lenders.
In Fall 1979-Spring 1980, my Father's tuition as a Freshman at New York University was $3200 for the academic year, adjusted for Inflation, that is about $10,750 in 2020 dollars. He paid his own books and incremental fees from working as a Bank Teller that previous summer, and my Nonno, who was a Airline Safety Inspector for the FAA, paid the rest. Nonno Tony brought home about $35,000 per year in 1979 dollars, about 117,000 today. My father completed his 4 years without financial aid. Today, one academic year at NYU will run you about $54,880. Without financial aid, there would be no way my Father would be able to afford NYU if he were born 40 years later and came from a similar economic background.
I too, have little sympathy for dumb liberal millennials who rack up hundreds of thousands in debt for brand-name liberal arts educations and "useless" social justice-y degrees; like many of my cohort, but I don't blame working and middle class students for trying to educate themselves. And while I may raise an eyebrow at the absurdity of much of Academia these days, I do see an intellectual value in the humanities, beyond the value that the market places on such degrees. I don't think "Learn to code" or "you should have chosen STEM" is necessarily the answer for everyone, I don't think that everyone in a society needs to necessarily be a "producer". There comes a point where you can't "personal finance" your way out of a cost of living and salaries that are out of whack with inflation, and you have to decry the greed of private, elite educational institutions.
Student loan forgiveness is not a question of "rewarding bad behavior", it is a question of correcting structural inequities.
Tout cela dit: If I knew what I did today in 2009, when I graduated High School in the midst of the Great Recession; I probably would have chosen to go to Trade School to learn Metal Fabrication and Auto Body work instead of pursuing my UG Urban Studies degree and getting into Planning. I would make a KILLING fixing the cars of all my classmates who went on to become doctors and lawyers, and would have enough business income from "Sergio's European Collision and Autobody" that I would also be able to pay it forward by putting my less fortunate friends into cheap beaters that I rescued from insurance auctions at song and dance prices.........that would be the life!
Unrelated: I am glad Rush Limbaugh is dead. It was a shame he didn't croak 25 years ago. There was nothing redeemable about that man, I consider him to be on the same plane of nefariousness as David Duke.
Controversial opinion: There is an empty chair in Hell next to Rush for Bill Maher.