Why I - a college student - am AGAINST canceling all Student Loan Debt.
There has been a lot of talk recently surrounding the issue of Student Loan Debt. Democratic candidates like Elizabeth Warren and Bernie Sanders have all pledged to eliminate all Federal Student Loan Debt. As of now that amount - according to a February article written by Forbes magazine - sits at an astonishing $1.5 Trillion Dollars. I personally believe forgiving this debt is a terrible idea and let me tell you why.
Yes, I am a college student and do not believe that Student Loan Debt should be forgiven. More so, I believe that the Federal Government should not be paying off all Student Loan Debt. I believe this way because as a conservative I believe that the role of government is supposed to be small; and, should the Government suddenly declare all loans forgiven the size of the government would expand exponentially.
Additionally, my opinion on student loan forgiveness comes from the financial side of things. Currently - as I mentioned above - the current figure for student loan debt sits at $1.5 Trillion Dollars. If the Federal Government were to eliminate Student Loan Debt, the money needed to pay off all current debt would come from the American taxpayer: mind you the same taxpayer base where "68% of Americans - according to the most recent census data - do not have a college degree." I apologize I could not find a link to the actual census I instead found an article that quoted the census. I do not want the average working-class American to pay any more in taxes than they already do and eliminating student loan debt would do just that.
Finally, my opinion comes from my love for my parents. Now before I continue let me set the record straight, I believe that the STUDENTS, not the PARENTS should pay off loan debt after they graduate. Parents have worked hard their entire life and students have not. I am not saying what I say as a slight towards lower-income families. My parents have already saved nickel and dime for both me and my younger brother to attend a 4-year university. I do not believe that they should be punished for another student's financial troubles and pay the debt that the students themselves cannot repay. Additionally, my parents have saved up for themselves so that they can enjoy retirement. Why should they be forced to spend their money on other people's education when they had to sacrifice so much to get my brother and I through college and have worked extremely hard their entire lives to save enough money towards retirement?
So how do I propose we fix this? I believe that instead of the Federal Government becoming more involved in the loan process it instead takes itself out of the loan process. If the Government pulled out, students would not be able to afford the EXORBITANT prices and fees that come with a college education and therefore wouldn't attend a university right away. When colleges begin to see their numbers - and consequently their profits - decrease, they will be forced to lower the cost of education to a level where families and students can afford. This kills two birds with one stone: eliminating the POSSIBILITY for students to acquire student loan debt as well as the increasing cost of attending a four-year college/university.