One in six United States adults owes for federal student loans. In total, Americans owe $1.6 trillion in student loan debt, according to a recent National Public Radio article. $1.6 trillion makes up approximately twice the budget earmarked for the United States Department of Defense – and 22 times that of the Department of Education.

Student debt is a hot button topic, and 2020 presidential candidates are leveraging concern about the issue to bolster their platforms. Some candidates, such as Elizabeth Warren and Bernie Sanders, even postulate that completely wiping out student debt for everyone will stimulate the economy.

Paying the Price for Higher Learning

College is getting more expensive every year. Already, many low-income students can't afford to attend 90% of United States colleges. Still, between 1987 and 2018, the average cost of tuition rose by approximately 213%.

College students already highly susceptible to anxiety, with the pressure to earn good grades and build a future. As the cost of tuition continues to rise, analysts forecast that students will increase their dependence on loans to fund higher learning. What this means is that more people will face staggering student loan debt after graduation.

Student loans are beneficial in that they enable people to earn a quality education. However, the fear of excessive student loan debt can prove debilitating.

Many college students may worry about how they'll ever pay off their debt. This concern could prevent many people from attending college altogether. Now more than ever, planning, budgeting and financial literacy are essential skills for navigating the sea of student debt successfully.

What's in the Cards for Student Debt?

Each 2020 presidential candidate has some version of a plan to provide relief from student loan debt. For instance, Joe Biden is calling for an overhaul of the Public Service Loan Forgiveness Program, which is supposed to cover the cost of education for teachers – more on that in a moment.

Cory Booker of New Jersey advocates developing a debt-free path for college attendance and tuition-free community college and vocational school. Pete Buttigieg of Indiana supports the idea of state-federal partnerships for affordable tuition and free tuition for low-income groups.

Former San Antonio Mayor Julian Castro introduced a plan that ranges in scope from improving prekindergarten to affordable post-high school education. Meanwhile, Tulsi Gabard of Hawaii has introduced the Pathways to Affordable Education Act, to improve Healthcare grants, and the HELP for Students and Parents Act, which compels employers via tax incentives to help pay student loan debt. Finally, Bill Weld of Massachusetts proposes free in-state tuition for displaced workers and two-year college as well as increased deployment of online learning.

The Reality of Existing Loan Forgiveness Programs

Nearly 70% of college attendees received federal student loans in 2018. Politicians talk a good game when it comes to loan forgiveness. However, the reality of qualifying for loan forgiveness programs hasn't lived up to the promise.

For instance, Tim Kaine of Virginia recently queried the U.S. Department of education as to why they only cleared 262 loans for public servants out of tens of thousands of applications. Expressed Kaine, the government has earmarked $700 million to absolve the student debt of public servants such as firefighters, nurses and teachers. He laments that public servants have earned loan forgiveness and the current administration is wasting the opportunity to offer them relief.

According to Kaine, the US Department of Education has developed loan forgiveness criteria that are far more rigid than what Congress had envisioned. Upon introducing the legislation, lawmakers instructed the Department of Ed. to make it easy for public servants to apply for relief. Instead, the department made it nearly impossible to qualify for the program.

Citizens shouldn't have to pay to learn skills that not only enable them to enjoy a decent quality of life, but also to improve society as a whole. It's time for government leaders to take real action toward finding other ways to cover the costs of training people in skills that will grow increasingly essential for the advancement of humanity.

It takes money – and lots of it – to educate learners, but it shouldn't come out of the pockets of individuals who are trying to build a better life. Approximately 100 years ago, the overwhelming majority in America decided that high school was a necessity, and federally funded public school education became the norm up to grade 12. Now, as the workplace demands an increasingly learned skill set, people want the same consideration for college students.

This sentiment makes sense. If a college education is what's needed today to fully engage in a free society, as leaders decided about high school years ago, let's make it free. By using tax dollars to provide educational opportunities for college education, all members of society can enjoy the maximum freedoms of citizenship.