Reviews | Why Should We Forgive Student Loan Debt
The May Day cartoon on Michael Ramirez’s drawing board has misrepresented the student loan situation. Society needs educated young people. Giving them incredibly large loans prevents those same graduates from starting families, buying homes, or choosing lower-paying jobs.
Students have to take out these loans because politicians have underfunded the educational institutions we want these young people to attend. Tuition is free in much of the world. He should be here too. It was inexpensive in many states until the 1970s.
President Biden has the legal authority to waive all or part of federally backed student loans. He should do it unconditionally. And people who paid their own way should applaud because it would improve the lives of their peers and build a better society.
I am why. I was a smart, capable high school student with a single parent who wasn’t employed on a regular basis for all the usual reasons. It was only through government grants and loans that I attended college and law school. I paid off all my loans because this education put me in a position where I could. Since then, I’ve repaid grants and loans over 100 times in tax dollars and created a next generation that won’t need help but can help others instead.
What could I have done if I hadn’t spent the first eight years after school paying off my debts? A government job, charitable contributions, government work, start saving for retirement? None of this was possible until the loans were repaid and even after for a long time. There are a lot of me out there right now, paying off the debt but not accomplishing greater things because of it.
Because the taxpayers of the previous generation brought me up the ranks, I am honored to do so for this generation with my tax money.
Neighborhood Margaret Fonshell, Baltimore