President Biden’s announcement last month that the Department of Education would cancel up to $10,000 in student loan debt (and up to $20,000 for Pell Grant recipients) for each borrower earning less than $125,000 has stirred mixed reactions. Some worry that such massive debt forgiveness — estimated to be as high as $24 billion per year for the next 10 years — would further enflame still-raging inflation and force the raising of taxes. Others argue that the debt forgiveness just isn’t fair — particularly to those who paid off their loans or arranged alternative financing for their education other than...