That potential trillion dollars in forgiveness has to come from somewhere. Current estimates state that forgiveness will cost roughly $2,000 to $2,500 per taxpayer, whether they went to college or not. That's about $7,500 for my household alone.
While forgiving student loans may have an impact on current borrowers, an analysis by the Committee for a Responsible Federal Budget said they would expect student loan debt to return to $1.6 trillion by 2028. Just a ploy to garner votes at the taxpayers expense, in other words.
Since the plan does nothing to dampen higher education costs, it has no impact on current and future students facing historically high education costs.
Student loan debt cancellation may have another negative impact—higher inflation rates. The Committee for a Responsible Federal Budget estimates that the influx of $10,000 to $20,000 for millions of borrowers could push inflation rates even higher, with personal consumption expenditure (PCE) inflation increasing by 15–27 basis points.
So, yes, I (we) have to pay for your forgiven loan...