Canceling student loans: What’s fair for borrowers, taxpayers?

President Joe Biden’s plan to forgive up to $20,000 in student loan debt for millions of Americans represents an attempt to find middle ground on a huge issue the administration has struggled with ever since assuming office 19 months ago.

The core dilemma, for both Biden officials and the continuing public debate over loan forgiveness, might be summed up with a simple question: What is fair?

Opponents say that in this case, using money from all taxpayers to provide targeted relief to a few individuals, isn’t fair at all. Those...