I’m also against loan forgiveness and agree with all your points. Especially number 3. I want to add emphasis that I think forgiveness in this way will actually make the problem worse.
Yes, it would be a huge help to those who had debts forgiven. However if forgiven once, more people will be likely to go to price-gouging colleges, sign up for the huge student loans, and think there is some chance it will be forgiven later. Colleges will continue to raise tuition because people keep paying it.
We need to address the tuition cost problem. Colleges are out of control. Until we fix that, anything else will encourage them to keep going. Another way of looking at $500bn of loans forgiven… That’s $500bn in the colleges pockets that they get to keep after tripling their tuition.
I think college is a great thing and important to be accessible. We need to make it cheap enough that students can afford it and not come out of it with $80k+ in loans (I as did).