I'll be honest I am benefiting from this loan forgiveness. My partner and I gross about 150,000 between two of us and a medium cost of living area. Once we got our loans down to a little bit of low 10,000 the loan forbearance kicked in and we stopped paying on them because there was a small chance alone forgiveness would come out that would pay off most of our remaining. And truthfully we only had about 30,000 to start out with and why we did struggle for a few years now that we earn more than double what we did when we first got together we're able to Chip away most of our deaths pretty quickly.
Here's the problem with the loan forgiveness. All it's doing is reducing your current loan amount by 10 to 20,000 and what will happen is you'll be paying increased taxes over the rest of your life to basically make up for it. It's literally not reducing your liabilities in the very least all it is is reducing your current liabilities by 10, 000-20,000 increasing your long-term liabilities by potentially more than that over your lifetime.
And this is just a simple band-aid. They're not addressing the problems that got us into this situation in the first place. Until they actually prevent this from happening in the future any loan forgiveness program is futile because it's a temporary Band-Aid that's going to cost us more in the long run and it's not to prevent this from happening again future.
So before we start looking for total loan forgiveness let's stop this from happening again making education more accessible to everybody far more cost-effective than what it is then we can look at ways of reducing the current debt load of student loans. Otherwise loan forgiveness is stupid pointless and should not happen.