> I believe it creates perverse incentives that encourage a continuing spiral of more costly higher education, resulting in more debt, and unpredictable periodic political battles over "one-time" forgiveness.

So you believe that forgiving loans will instead create good incentives that lead to lower costs for higher education. Can you explain the mechanism by which you think that would happen? I've described how I predict people would behave, but I'm curious how you think it would shake out.