Michael Hiltzik: Here's why the arguments against canceling student debt make no sense

The debate over the cancellation of student debt has been going on for so long in America that reiterating the arguments pro and con no longer seems necessary.

What may not be so well understood, however, is how incoherent the opposition arguments are. So we'll focus on that.

First, a quick tour of the student loan landscape.

To begin with, the total amount of outstanding student loans for higher education has exploded over the last two decades. The sum owed by more than 45 million borrowers stands at about $1.8 trillion today, up from about $300 billion in 2000.

The average balance owed by students on the day they graduate has soared faster than the general rate of inflation, to more than $36,000 in 2020 from about $18,200 in 2007, according to EducationData.org. That includes graduate and professional school graduates.

Had the amount grown since 2007 at the same pace as the consumer price index it would be only $26,000 today. For undergrads, balances have grown even faster — from about $15,250 in 2007 to about $30,000 in 2020. Even students at public universities are graduating with sizable debt