This topic isn't to enter into a philosophical political discussion. I just want to have a civil discussion to discuss how this can, or should this be even done, and what benefits does it have either way. I am going to lay out an argument, and I hope these ideas can make a difference.

First, the idea of forgiving 50k worth of federal student loans is stupid. I graduated MSU with 22k worth of student loans, that could have easily been 60k if things didn't bounce my way. Working during school really wasn't an option. My major was too demanding week in and out. There may have been entire months that didn't really allow time to be spent out of the building. Either way, I signed the promisary note and agreed that the money borrowed for me to earn my degree was a fair trade.

Beyond the personable responsibility facet of the discussion, let's discuss the other side of the equation. Cost of an education. It has literally skyrocketed. Some of this is due to the federal guarantee to student loans. Some of it is to the funding cut from the state to lower state tax burden on both citizens and corporations. Some of it is because universities waste money hand over fist. Either way, tuition, books, room and board, etc have all just 6Xs the inflation rate over the past 20 years.

So what do we do? The discussion right now is to forgive 50k. I just do not see why people who chose to either work through college or simply did not go to college in the first place should have to take on this burden. It would free up tons of capital for the economy. But what happens next year, and the year after that. New student loans will just be created. Fix the cost of "state" universities and then each state is responsible for the cost of their "state's" higher education.

So, I see a possible compromise. I can agree, freeing up student loan money for the economy would be a gigantic consumer boost to the economy over the next 20 years. So how do we do it? Here is the compromise. Let the people who need the help with student loans be the ones to pay for it.

If you accept the one time 50k loan forgiveness, then you agree to pay an additional 2.5% federal and 0.5% state income tax for the rest of your life, or the amount forgiven is paid off. This way, it pays for the system. People who do not need the avalanche of payments removed do not have to pay for it, and it only accounts for 3% of your earnings year to year. Some people are probably paying 20% or more of their earnings after taxes on student loans. That is crazy. The numbers could be adjusted based on projections a little, but dang that makes a lot of sense to me versus just handing out 50k to every person with 50k worth of loans.