Student Debt Cons

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$1.7 Trillion of student loans in the US have been accumulated as of the last quarter of 2024. 46th President Joe Biden has begun a student loan forgiveness program that allows up to $20,000 in loan forgiveness. As of now, they have relieved students of a total of $136 billion. There is a three-step plan in place with this system. Final extension of the student repayment pause, 2. Target debt forgiveness to lower/middle-class families, 3. Make the student loan system more manageable for the future. This system is essential for some to avoid bankruptcy, as the amount of loans has increased 102% over the last 10 years. The average student from a 4-year university graduates 30,000 dollars in debt, leaving them 3 steps behind when sharing their …show more content…
Students, weigh out the pros and cons of taking on debt, with debt winning because higher-paying jobs require higher education. Universal debt relief calls for the cancellation of all existing student loans. “Such debt may impede economic growth in the long run by slowing spending across certain sectors and by destabilizing personal savings typically used to survive significant financial events, such as economic recession and retirement (Peter G. Peterson Foundation).” For instance, if students are focused on repaying student loans, that money is no longer available for other sectors of the economy. No homeownership, decreasing network, and hurting smaller businesses, make it harder for people to surpass economic falls. Maintaining a dominant economy aids the improvement of the well-being of a nation/country. In addition to affecting the national economy, student loan debt can also hinder people's ability to achieve goals that are considered major …show more content…
Those people argue that students have a choice between taking on more financial responsibility or not. However, this doesn’t represent those that truly need this system. Lower-income students are still delegated a percentage of what their university believes their family should pay, even with full-rides. Families might need that income to instead rent this month or feed their other children, money that can't go to a college fund. This classification of all those needing loans as “irresponsible,” is degrading and untrue. The forgiveness system is specifically targeted toward students at university who are working to better their futures, and this is a burden, that when alleviated, can help them achieve their goals even quicker. For those who have already begun paying off their loans, the amount of money should be returned to them with a full refund. With this refresh, their money can also go to their major milestones and help them out of the cycle of
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