Jacklyn Smith-Esters: Forgive us our (student loan) debts
We are told over and over throughout our young lives to go to college. That our only shot of success is to get a college diploma. Millennials are the most educated generation in American history; however, most have tens of thousands of debt to complement their diplomas.
If you are lucky enough your parents saved money and could afford to put you though college. And you graduate with a job and no debt. However, for most Americans financial aid and student loans were the path chosen. The government was very encouraging to our youth and student loans were available starting as far back as 1965 to encourage higher education. There is now $1.9 trillion in student debt. Who is to blame?
Those who took the loans out. The cost of tuition in the last decade has gone up 37%. Colleges have become more diverse and inclusive to all but now the cost has gone up. At what cost? An average student will pay $10K a year to attend college. Economist, Thomas Sowell wrote, “an object's value in the free market is not how much it costs to produce, but rather how much a consumer is willing to pay for it.”
Due to higher cost more Americans are taking loans to fill the gaps of college. One year in a dorm is between $5,000 to $6,000 at a state university. An apartment would be comparable. So, what is my point? College is expensive but is a must in America if you want a job. You might have to take a student loan out while getting your welding certificate because you can’t attend classes and work all while taking care of your children. Or you may need to take a loan to cover your book costs, gas for your car to get to and from class each day. Or perhaps to cover childcare while you are away at school. These are just a few reasons why you would need a loan.
Recently, President Biden has announced student debt forgiveness of $10,000 or if you had a Pell Grant then $20,000. This is to help the working and middle class. I think it is important to note here that this is not an automatic debt eraser. You must apply for this forgiveness (ed.gov/subscriptions). You also must make less than $125,000 for individuals or $250,000 for households. Furthermore, I don’t understand why individuals are so enraged by this when we have been paying billions in corporate bailouts. BILLIONS. Look those up. And these are for companies who make profits off you as well. So, if you want to be mad about something then maybe look at these companies: General Motors, Chrysler, First BanCorp, First Bank, Inc.
We need higher education to make sure we are a successful country. Perhaps we should offer free higher education like other countries.
Jaclyn Smith-Esters of Galesburg is on the Galesburg City Council representing Ward 5.
This article originally appeared on Galesburg Register-Mail: Jacklyn Smith-Esters: Forgive us our (student loan) debts
