Megan McArdle in her opinion piece made some important points in her analysis of why it is a bad idea to sweepingly forgive college debt, which could be difficult to pay for, be a huge burden to the taxpayer and have many unintended consequences, and possibly would reward many who don't need it. I would like to add a few personal observations on the subject.12 comments on this story
I know two people who took out big student loans for alternative schools, spent the money on frills, then dropped out of school. I'm sure there are thousands more like them. Why should they be rewarded for their negligence? On the other hand, I know many college students who have studied hard in high school so they could get a scholarship to college, and now are also working part time to help put themselves through college without student debt.
It would be punishing those hardworking students to reward those who are irresponsible. I agree that there are some young students who are exceptions who should receive help with their education costs, but most colleges are already providing scholarships or grants for those individuals, and if more needs to be done for them it should be done on a more limited directed basis, instead of the broad and possibly harmful scope Elizabeth Warren is suggesting.