When President Joe Biden announced a targeted student loan forgiveness a few weeks ago, reactions were mixed.
Some felt the plan didn’t go far enough, others wondered why it was even being considered. Your position on this spectrum likely has something to do with your age, economic status, education, and debt.
Student loans have been around for a long time. Few people get a post-secondary education debt-free. Professionals with advanced degrees typically have up to six figures in student loan debt.
Obtaining advanced degrees is a calculated risk. A hope remains that if you are better educated, you will earn more money throughout your life. This is the bet that many are making. Some are able to succeed, others are not.
Changes to bankruptcy laws have made it much harder for borrowers to default on student loans, while federal grants have not increased with the cost of education.
In my opinion, some colleges are quite disconnected from the world we live in every day. I am all for higher education, but the value of education is its use and the mark of a great society is the opportunity for the greatest number to benefit from learning.
It doesn’t matter what you want to do with your life. Everyone deserves an opportunity to learn to be the best person possible. When individuals are fulfilled, there is much less conflict in the world.
I also believe that the federal government invests money in many different things. Some of the uses of this money are good, some are insane (in my opinion) and some are useless.
In the weeks since the announcement of the student loan cancellation, some have argued that this largesse was unfair. They feel that the people who received it will not really appreciate the value of what they are receiving and that they will “waste” this gift somehow.
As a dad who just finished paying off student loans for two daughters the month the forgiveness was announced, I’ll say I’m glad I paid off my debt. I did not expect to receive any forgiveness. I was able to continue making payments during last year’s payment break. I can now focus on other debts or spend that money on groceries or gas.
Ultimately, I think this forgiveness should be seen as additional pandemic relief, much like the Payroll Protection Program (PPP), a repayable loan that many companies have used to avoid laying off people. at the height of the pandemic. I think setting income limits as low as they were is also appropriate.
At any given time, the federal government is spending money on many different things. In a recent discussion with colleagues, the bill to bring computer chip manufacturing back to the United States was discussed. One person thought the government shouldn’t be “throwing money” at this file. Another replied that he would rather the money be “thrown” on jobs in our country rather than other things.
I hope that the recipients of this pardon will be able to invest in the economy, the community, their families and themselves through this bill. I also hope that the administration will follow up with the colleges to ensure that their prices and practices are fair and affordable.
As always, I await your comments. You can reach me by email at [email protected], by phone at 715-268-8101, or in writing at PO Box 424, Amery, WI, 54001.
Thanks for reading. I will stay in touch. Do not hesitate to do the same.