Assume you have been tasked with choosing which student loan forgiveness program, if any. If you choose not to implement a student loan forgiveness plan, please explain economically, why you chose this option. Here are the 3 loan forgiveness option choices: 1. Option 1: Income driven repayment (IDR) plans. Borrowers begin paying once their income exceeds a certain level, $40,000 or $80,000 per year. After 10 years, any remaining loan balances are forgiven. Borrowers make loan payments equal to 10 to 15% of their income each year. 2. Option 2: A one time forgiveness of $10,000 will be granted to students who have outstanding debt. All borrowers may receive forgiveness up to $10,000 per borrower. 3. No Loan forgiveness program is adopted. For example, a borrower with $40,000 of income would pay 10% of her income ($4,000 per year or $333 per month) in loan payments. A borrower with $80,000 of income would pay 15%, or $1,000 per month in loan payments. or 300% of the poverty line, $80,000 in 2020. One economist has argued it is possible this program could increase the cost of higher education. Using what you know of how economists think, or a behavioral economics concept, please explain why an economist might make this argument. Another economist commented that neither of the proposed programs make college more affordable. Please explain his reasoning. Describe, using economic terms (for example, efcient, marginal benet, marginal cost] a solution to this dilemma. Include a description of the costs For example, a borrower with $40,000 of income would pay 10% of her income ($4,000 per year or $333 per month] in loan payments. A borrower with $80,000 of income would pay 15%, or $1,000 per month in loan payments. or 300% of the poverty line, $80,000 in 2020. One economist has argued it is possible this program could increase the cost of higher education. Using what you know of how economists think, or a behavioral economics concept, please explain why an economist might make this argument. Another economist commented that neither of the proposed programs make college more affordable. Please explain his reasoning. Describe, using economic terms (for example, efcient, marginal benet, marginal cost] a solution to this dilemma. Include a description of the costs and benets to society of your solution. Who might oppose your solution? What is your response to that opposition? Edit View Insert Format Tools Table 12pt v Paragraph v B I U a v 5' v T2 v