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The Perfect Solution to Student Loan Forgiveness

Scott Liddicoat


By Scott Liddicoat


IRS tax form

Enough already!  Each side knows what the other one wants and doesn’t want.  It’s time for the back and forth and divisiveness to end.  So here’s a simple solution to student loan “forgiveness” that works for everyone.

Just above the Amount You Owe box on your federal taxes, the IRS prints another box.  To the left of it go words that read something like this.  “Your contribution to the Student Loan Forgiveness Fund.”  Into the box, you write in the amount of money you’re willing to contribute, or not contribute.

Americans are the most generous people in the world.  If it’s worthwhile and beneficial, the Student Loan Forgiveness Fund will overflow from the voluntary contributions of those who believe in it.

Hands holding a heart

And if contributions are minimal, who can make the claim that student loan forgiveness was a good idea in the first place?

Whether the Fund ends up with a small, medium, or large sum, students may apply for a proportionate amount from a fund that was financed democratically.  Everyone benefits.  No one is harmed.  It’s the perfect civil and democratic solution.

We already do this for eight different funds on eight separate lines with our Wisconsin taxes:  Endangered resources, Cancer research, Veterans trust fund, Multiple sclerosis, Military family relief, Second Harvest/Feeding America, Red Cross Wisconsin Disaster Relief, and Special Olympics Wisconsin.

A crowd of raised hands

It works voluntarily, democratically, and perfectly in Wisconsin, and just as I’ve described above.  Let’s simply extend this program to our federal government taxes and the student loan “forgiveness” issue.

P.S.  It should be added that nearly every political issue could be settled and funded this way—all matters except those government is legally and constitutionally required to perform.

Illustration of various tax donation options

I’d happily look over a list of a hundred (or more) contentious issues while doing my taxes to freely decide which are worthy of my funding and which are not.  I’d just as happily afford every other taxpayer the same privilege.

This approach would serve as a brake on government size and spending.  It’s democratic and civil.  It would encourage engagement on important political and social issues, and promote…

Power to the people!

Profile of woman with hand raised in triumph

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