Proclaim debt amnesty throughout all the land? A biblical solution to a present-day problem

Part of a restoration edict of Ammisaduqa, one of the rulers of ancient Babylon. © The Trustees of the British Museum, CC BY-NC-SA

Student loan debt is one of the most burdensome forms of debt in America today. According to oft-cited statistics, approximately 43 million Americans have student loan debt, cumulatively amounting to around US$1.7 trillion. The exorbitant costs of higher education in the United States, combined with the fact that educational credentials serve as a ticket to decent employment, require many students to take out loans that follow them long past graduation – and that are almost impossible to discharge in bankruptcy.

Hence, calls for cancellation of student loan debt by legislative or executive action keep intensifying, and President Joe Biden is expected to respond by ordering cancellation of some amount, notwithstanding arguments against any blanket debt amnesty.