system
Given the following post, respond as if you're commenting on Reddit:
human
Is it really possible to cancel student debt in the US?

Sure anything is “possible”, but is it without harm? How could that be canceled in a way that wouldn’t have adverse impacts on anyone involved in the financial system - consumers or providers.
gpt
Not directly harming any private owner of student loans is pretty easy, the government owns most student loans and the government can just decide to forgive them and decide to pay out anything owed. Essentially it's not that difficult if the government would just act as if everyone paid off their loans immediately and the government incurs the cost.

That's not the issue though.

Who benefits from student loan forgiveness? Anyone who currently owes student loans. Who incurs the cost? Literally everybody else. Blanket student loan forgiveness means you are giving handouts to the rich, lawyers, doctors, engineers, or at the very least future lawyers, doctors and engineers. Going to college on average roughly *doubles* your lifetime earnings. These are not really the people in need of government handouts!

If you want to forgive student loans, there isn't really a good argument to just forgive all of them for everybody. At least you should target it at the people who actually struggle because of these loans and will continue to struggle in the future.