Student Loan Forgiveness, For All?

From a very young age you are taught that by going to school and expanding your mind and knowledge is a part of becoming a holistically cultured individual and by going to college you're setting yourself up for financial success and a stable career. It was a rite of passage into adulthood. But that doesn't seem to be the case anymore as many college graduates are drowning in student loan debt that is torturously bonded with daily interest. I never understood the concept of bridging the wealth gap by adding more debt. Unfortunately, many young students and even myself bought into this mindset that by taking on these student loans it would prepare and equip us to join the workforce and career. In the end, we were too young and financially illiterate to understand the gravity of student loan debt.

Unfortunately, the proposed student loan cancellation package does not include everyone which can seem unfair to those who did not get an informed chance to understand the future financial burdens they would be under. We spend so much time in school learning about useless arithmetic and misinformed history but we can’t spare a class period to learn about taxes, entrepreneurship, credit/savings/stocks, and owning property. America has set us up to fail. Right now, Biden has proposed to cancel up to $10,000 of student loan debts to students who are federal loan borrowers and who have an income less than $125,000. Which eliminates many people who are in high paying positions such as doctors and lawyers etc. who may have student loans way beyond the amount of their salary. I don’t believe education should come with such a hefty price, it should be a public resource similar to the services we find at a library or community center. Colleges and universities should be there to uplift the surrounding communities by providing enlightenment and career opportunities to help children to go beyond the borders of their homes. Ideally this should be the case but in this capitalist society it's all about the monetization of experiences and services, at the end of the day higher education is a business -- we the students are their #1 customer for life. As much as I love Biden for proposing the cancellation of student loan debt, he still doesn’t support the cancellation of all student loan debt.

Today, many individuals are learning to be fruitful beyond a college education and they are finding it through the spirit of entrepreneurship. It's a process of trial and error but it's proven to be more lucrative at times than a $60,000 college degree. You need about 2-3 jobs in this economy to survive or live comfortably, which is ridiculous. America is the ghetto. It may be better than some or most countries but it is still very behind in trying to lead its youth into a better financial future. At the end of the day, it is your responsibility to take control of your finances and be free of what you were taught to thrive in this capitalist society and make the system work for you. It may be difficult but not impossible. There is hope and so much information available on the internet, books, and seminars on how you can begin the journey to financial freedom, stability, and passive income but you must have patience. It took you awhile to get into this debt, so give yourself the grace and time to get out of it. I suggest meeting with a financial advisor if you can or review all of your expenses and debts you’ve accumulated so far. Figure out what expenses can be cut out and what debts can be paid off within a short time. I suggest going with those with the lowest amounts.

Now, the million dollar question: Is a college degree worth it? Here are a few thoughts/quotes from student loan borrowers below.

R. Lourde: “We are no longer in the days where you have to go to college, in order to make money only if you’re trying to be a doctor or a dentist. More people are branching out and doing other things like entrepreneurship or going to trade schools, who are making a lot of money as plumbers or contractors. These jobs are always high-in-demand, especially with the many renovations in real estate. So, I say college is a scam because you can make a lot of money without it. Certain science degrees require you to have a masters, such as microbiology so you’ll continue to pile on the student loan debt to receive a “higher salary”. Also, I hate how people use it as a measure of intelligence because it doesn’t matter how many degrees you have, ultimately it doesn’t define you.“

A. Bastien: “ It's horrible how so many borrowers owe all this money and can’t even find a job or even in a job that requires the particular degree they have. So, I don’t think it's fair to pay all this money for a career that is not guaranteed. Education can be learned in various ways like internships and trade courses, like a business owner should be aware of bookkeeping, taxes, and payroll but you don’t necessarily need to go to college to figure that out. My outlook on college is completely different now.”

How do you feel about the proposal to forgive some student loan debts? Please let us know down in the comments and share with a friend!