As Stevens bids farewell to another class of Ducks bound for the workforce, President Biden has paused federal student loan payments until September. This cushion should help seniors get a little head start, as they won’t have to worry about this form of debt for the first few months of their new lives. However, it does spark thoughts about a debate within our nation: student debt forgiveness. According to Forbes Magazine’s compilations, there are currently upwards of 45 million borrowers in the U.S. owing a total sum of just over $1.7 trillion. Additionally, New Jersey has the 7th highest average debt per student for the Class of 2019 at $33,566. The debate that has emanated from these staggering figures leaves the left pleading for debt forgiveness, while the right worries about the price tag and the worth of a college education. Graduating seniors may want to understand this issue more, and what the different sides think, as the debate will soon be part of their life.
Campus Liberal
Peter White
My view on the subject of student loan debt can be found in my view on access to education. There are few people in the world who would argue that education is a bad thing, so I hope most people will agree with me when I say that it is good to make school easier to access. In the United States, however, as is too often the case for human rights, access to quality education is greatly impacted by an individual’s economic standing. Even though Americans are provided a public education through 12th grade, the Hechinger Report reveals that the divide in quality schooling between rich and poor is large and growing. This divide jumps to an insurmountable level when looking at access to college level education. Many of the poorer areas in America consist of students who are at a disadvantage their entire schooling career, making it hard to get money from the colleges they are able to get into. If that wasn’t bad enough, privileged individuals who are able to get into college and can make the considerable investment are held hostage by the very loans that got them there in the first place.
I understand the common rebuttal that forgiving student loans is expensive, but the common claim that it is an unaffordable cost is ridiculous. By removing the cost barrier to higher education, America is massively expanding the number of people who are able to enter specialized fields. More people will be able to make significant contributions to the scientific community and the arts. More people will simply be able to do what they want with their life. Freedom begins with opportunity, and opportunity begins with education. Even if you believe that this cost is too high for a simple moral gain, well then great news! By expanding the number of degree holding workers in our country, we are able to increase the productivity of our economy.
I hope that this year’s graduates will be able to benefit from this newly popular idea. Personally, I do not believe that people should be held hostage to work for garnished wages, all because they wanted to expand their mind. Finally, to address those who believe it is unfair to those who have already paid off their loans, or that it doesn’t make sense to give free college to rich people: I hope that you can see how this will increase the quality of life in our nation and the world. We should do everything we can to make education a truly universal right, and who knows, maybe there are other ways to make the rich pay their fair share.
Campus Conservative
Jackson Hudgins
While it is undoubtedly true that gaining access to quality education is one of the largest factors in determining economic success, it is also true that cancelling student debt creates more problems than benefits in the grand scheme of things. It might seem like cancelling debt is an effective and compassionate way of leveling the playing field for thousands of students in higher education, but it leaves out the important notions of responsibility and fairness. The reality is that those who take on student debt do it for themselves, and the betterment of themselves. As such, it is ridiculous to expect those who either paid off their debt or went to school without debt to be forced to help pay for it. However, many will say that this is not the case; the government can simply cancel student debt, and it is gone forever. But the government has to pay for everything somehow, and the only ways it can do so is through raising taxes, causing inflation, or cutting spending elsewhere. $1.7 trillion dollars getting added to the budget now will equate to $1.7 trillion in tax increases or price increases down the road, and the rest of the county will have to foot the bill, forcing the 330 million Americans to add at least $3000 to their tax bill. The people who get their debt cancelled will also pay those taxes too; nobody will escape it.
Cancelling debt is just not as simple as many advocates make it out to be. Cancelling debt will incentivize many of the issues that caused this crisis to continue. To start, student debt is not an issue provided that the degree that you receive is one that enables you to create wealth —STEM, finance, medical, and law degrees are great examples of this. If you end up with a mid-to high-paying job with room to grow, student debt becomes a much more surmountable expense in your life. However, a significant number of those who hold student debt also obtained degrees that in general do not pay as much as other majors, such as philosophy, art/music, social work, and psychology, and the volatile demand and pay of these jobs does not enable students to pay off that debt. College is a place to obtain a degree that will get you a job, and while I think finding a job that you enjoy is important and your choice, perhaps taking out debt to go to a 4-year college is not the best method. Finally, cancelling debt will further incentivize colleges and universities to continue to raise tuition. Universities have realized that this government-subsidized loan system is a piggy bank for their priorities, and use this to their advantage. If debt is cancelled, it won’t even affect their bottom line, because they’ve already been paid; thus, they will increasingly raise tuition until the demand for degrees starts to fall to a reasonable level.
Congratulations to all the graduates this year; you’ve gone through college and hopefully bettered yourself, and now you have the opportunity to live the life you choose. I hope that you take full advantage of all the opportunities you get, and that you live life to the fullest.
The Conversation is an Opinion column written by two students of opposing political viewpoints, used to discuss current events from different perspectives. It is currently written by Jackson Hudgins ‘23 and Peter White ‘23.
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