The Bible teaches forgiveness. It teaches that God sent his only and beloved Son to satisfy the just penalty required of us due to our sin. Using biblical forgiveness as an analogy for student loan forgiveness also requires an explanation for how forgiven loans will satisfy the requirements of the loan (i.e. who foots the bills).
The Bible teaches the year of Jubilee. But the forgiveness of debt in the 50th year fit into the whole system of Israel’s governance. We are not Israel, and while Jubilee may be useful, it is not exactly the reason why we should celebrate loan forgiveness. We are not Israel.
On the other hand, the Bible teaches us that everything we have is a gift of God, not something we deserve on our own. This realization opens up to be cheerful givers, free men and women who can share of our abundance because we are not looking for precise reciprocation between giver and given.
Debt between giver and given when it comes to forgiveness in Scripture is not something that can be counted up; it’s not a calculation. It’s a power—a relational arrangement. Satisfaction can be just what God wants us to be. If I give food to someone, I can simply say, “Your thanks is enough of a repayment.” That satisfies the debt. Therefore, I am less than persuaded by those who want precise repayment of money from those who take loans—as if this is a universal moral obligation. It may a moral obligation in this, but I am not convinced.
I have no opinion on the US loan forgiveness matter. I am here only interested in thinking about some biblical categories.