Should student loan debt be forgiven?
A college education is increasingly becoming essential in the country, mainly due to the changing dynamics in the employment industry. College graduates earn significantly higher incomes than people without a degree. However, getting through college and successfully attaining one’s professional goals is tedious as they have to pay a lot of money in tuition fees and other requirements. Student loans have been helping the students manage their expenses. Despite this, student loan repayment is becoming a burden for many graduates as many of them spend most of their productive years repaying the loans; forgiveness would enable them to have more money to spend and build their futures and grow the American economy, especially students from marginalized and low-income backgrounds.
Student debts need to be forgiven to allow people in low-income brackets to achieve better economic sustainability. In essence, though college education is essential in enabling a person to gain a better future and higher income, students from poor backgrounds and marginalized communities face significant disproportions regarding student loans (Jimnez & Glater, 2020). For instance, students in Black colleges have a higher debt ratio than their counterparts in white institutions. Due to their economic backgrounds, they borrow more money and pay even more than the white students. Statistics show that the average black graduate owes 95% of the original debt compared to the 4% owed by white graduates, twenty years into repayment. This observation shows that student loan repayment enhances racial inequalities in American society, although many marginalized community members are receiving a college education. Instead of improving their lives and their families’ lives, these students spend most of their productive years repaying student loans that can get as high as $50,000. Thus, the forgiveness of these debts would enable them to focus their attention on becoming better professionals and individuals. As a result, racial gaps would be appropriately addressed. People from communities of color would get the same opportunities to succeed as their white counterparts.
Student loan forgiveness would be beneficial for all households with a college graduate or student as it will give them a chance to pursue other economic interests. Notably, student debt is currently one of the most significant debt burdens for American families, alongside mortgage and credit card debts (Despard et al., 2016). Students have increasingly been taking up these financial facilities to help them get through college within the specified time and get on with their professional lives. However, many of them seem stagnated due to the debt burdens as they have to repay all the money they owe for the loans. Despite getting relatively stable incomes, they end up remitting most of it for debt repayment. It is a burden as they also have other economic pursuits like building businesses and securing solid financial futures for their families. Forgiving these debts would be a relief for them as it will enable them to pursue these goals properly. Individuals and families will be happier, and American society will progress favorably.
Student debt forgiveness would potentially boost the economy because, with more money at their disposal, the debt beneficiaries can spend on other things. It will allow more money to be in circulation in the country, improving the GDP significantly. Students currently have to pay a specific monthly amount for their debt repayments. With the cancellation of all debts, this money will be channeled towards saving or investment opportunities. With more money to spend, they will manage to buy more items. It means that manufacturers and producers will have their products moving towards the consumers faster and more conveniently. Businesses will be more substantial, making the American economy more solid.
To summarize this discussion, student loans have become a burden for many college graduates because they spend many years repaying the money. Debt forgiveness will be beneficial as it will enable them to retain more cash in their pockets. They can spend on more things, facilitating economic growth.
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