Summary

The article discusses the critical need for systemic change in the student loan debt crisis, emphasizing that the temporary relief measures are insufficient and advocating for more substantial solutions like debt cancellation and affordable education.

Abstract

The author of the article acknowledges the widespread anxiety caused by student loan debt among 45 million Americans, amounting to nearly $1.9 trillion. While the recent extension of the pause on student loan payments by President Joe Biden provides temporary relief, it is likened to a short-term fix for a deep-rooted problem. The piece argues that education, pursued with the intention of bettering oneself and society, should not lead to crippling debt. It highlights the average student loan debt of$ 30,000 against the average income of $44,000 for college graduates, illustrating the financial strain on young adults. The mental health impact of this debt is also discussed, with the author criticizing the expectation for 18-year-olds to make such significant financial commitments. The article calls for education to be affordable, if not free, and questions the sustainability of the current system that profits educational institutions at the expense of students.

Opinions

The author believes that the pause on student loan payments is a temporary band-aid rather than a long-term solution.
They argue that student loan debt is a significant barrier to financial stability for young adults, affecting their ability to buy homes, have children, or start businesses.
The article suggests that the cost of higher education is disproportionately high and that trades can be as effective as traditional college paths for personal and societal betterment.
It is expressed that the current student loan system punishes individuals for pursuing education, which should be a right, not a privilege.
The author points out the irony in society's expectations for young adults to make informed decisions about significant debt when they are not considered mature enough to consume alcohol.
There is a call to action for more affordable or free education, emphasizing that the rising cost of tuition is not justified and that the current system does not support the betterment of future generations.

Pause on Student Loans: It’s a Band-Aid for a Wound.

What we really need to do is #cancelstudentloans

First, let me apologize for the heart palpitation anyone under the age of 50 just got the second they read “student loans”. I get it, the sheer mention of them causes hundreds of thousands of people anxiety, but obviously, that’s one of the main reasons we have to talk about them.

Second, HURRAY, Joe Biden has extended the pause on student loans again. Excuse me while I let out an exuberant breath of relief for a second….. okay, I’m good. Now, let’s talk about this.

45 million Americans currently have student loan debt. This amounts to (according to the Student Debt Crisis Center) 1,869,574,258,480 dollars. That’s 45 million people that went into massive debt for one reason: to get an education.

To get an education.

People didn’t go into debt because they bought a fancy sports car they couldn’t afford to impress their friends, to blow on shopping online, or for any other reason than… to get an education.

I am 26 years old. I am lucky to have come from a privileged family, who helped me pay for school.

Despite this, like 45 million other Americans, I still have debt. My debt is nothing compared to the millions of people that couldn’t depend on their parent's help; the people who scratched and clawed their way to school because they believed it would lead to a better life.

I didn’t go to school for the parties, I went to school in the hopes to make my life better, and with any luck, other people’s lives, just a little bit better too.

Like millions of other Americans, I was taught growing up that higher education was the only way to do this. Color me shocked when I found out that trades can accomplish this just as well because that was never mentioned to me growing up.

I have always loved school, and believe that expanding knowledge and being around people that have different experiences than you makes you a better person.

Why, does that belief cost thousands upon thousands of dollars? Why is there an entire generation of people that are now crippled financially because they wanted nothing more than growth?

Like many other 20–30-year-olds, I laugh every time I come across an article about how younger people aren’t buying homes, aren’t having kids, or destroying one industry or another. What exactly did you expect?

The average student loan debt in the United States is around 30,000 dollars. The average income for college graduates in 2019: 44,000 dollars.

When your student loans account for 90% of your income, there’s just no way to get ahead. There’s no extra money to buy a house, save for a car, or start a business.

That’s not even considering the predatory interest rates associated with student loans. Buying a house becomes a fantasy, having children becomes a pipe dream, and the hope of living with any type of luxuries is gone.

Even if we forget about the financials, let’s talk about mental health. Let’s talk about how being 22 years old, freshly graduated, and $30,000 in dept impacts your mental health. The sheer hopelessness you feel, the anxiety that you feel thinking you made the wrong decision when you were 18 years old- not even old enough to drink. We tell people you can’t drink at 18 because your brain isn’t fully developed. But, pressure people to go into thousands of dollars of debt while they still have that same underdeveloped brain?

Education should never be something we punish, and right now, that’s exactly what we’re doing. Sure, it doesn’t need to be free (though, that’s preferred), but at the very least it should be affordable.

I truly see no reason in forcing 18-year-olds to spend thousands of dollars that go directly back into the multi-million dollar school’s pockets.

We say we want better lives for the people that come after us, but so far, that is just not what is happening. College tuition didn’t always cost this much, and there’s no reason why it should now.

There’s no reason we should be punishing people that want to get an education.

While yes, the pause of student loan payments has resulted in a giant sigh of relief for millions of people, it’s not enough. It’s only a Band-Aid for the day, but the wound will open back up. Something needs to be done about student loans, not later, now.

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