Student loans and debt have increased over the last seventeen years. The Library of Congress states that more than 43 million Americans are known to owe close to $1.7 trillion in student loans. During President Biden’s presidency, he made multiple attempts to implement programs for student loan forgiveness such as the SAVE Plan, but now the government has made changes due to what President Trump is proposing that opposes what Biden started. According to Rajeev Dhir and Investopedia, President Trump has signed an order that instructs the government to revise who is able to qualify for the Public Service Loan Forgiveness program, as well as denying PSLF qualification for people who are working with administrations that are seen as harmful to American values.
Despite the argument from critics and students that have already paid off student loans, these loans should be forgiven. An act like this can not only help with giving borrowers who are already working hard but it can also bring financial relief to those borrowers as well. Borrowers see forgiving loans as an essential step that will benefit the future of students and improve many financial situations.
Student loans were originally seen as a way to help give financial assistance to students that did not have the money to pay for higher education. Though as of recently, it is more likely to see college graduates struggling with financial problems today because of the weight of debts caused by student loans. Graduates might hold back on big life opportunities and events because of the fact that they don’t have the money from paying off student loans.
A person could take out a loan for college while in their twenties and still be paying it off decades later. Owing money for continuous years could prevent them from being able to fulfill their dreams and living the life they planned on living because of money that is holding them back. People spend years studying and focusing on school, but even after finishing their studies they still have to find a stable job that they will live off of, and need to be able to pay off their student loans and debts. Finding a job that pays well isn’t the easiest thing to do. A medical student could spend years in medical school and have loans and debts to pay off, but even after medical school they have to find a good job in their field of work to make the money to pay off those student loans from years ago. This is also concerning when considering the fact that over the years, debts will increase because of high interest rates.
This is a controversial topic because some critics believe that forgiving student loans would be unfair to graduates who have already paid off the money from debts. On the other hand, though, it is crucial and important that today’s generation is able to access quality education because our future generations depend on where our generation is now.
