Hannah Lynn, Contributing Writer.
Everyone wants to be debt-free, and if given the opportunity, should it be offered? President Biden has tried multiple times during his term as president to cancel student debt, which means that any debt someone has incurred during college years would be forgiven. After careful consideration, this act was declared unconstitutional by the Supreme Court.
There are several pros to college debt forgiveness. The most significant benefit would be that those who took out loans would not have to worry about paying them off. They could use the money they saved to further themselves after college graduation without the stress of a vast expense hanging over their heads. People could use the saved money to purchase or rent a home, which allows for independence and financial freedom.
Another example of how forgiving student loans would be beneficial is that it allows potential entrepreneurs to have the resources to start a business. This opportunity would enable business owners to make more money and grow their businesses, allowing the income cycle to continue.
Overall, forgiving student loans puts more money into the hands of the people and allows for significantly more financial freedom and growth opportunities.
Brianna Brinker, a freshman majoring in digital communications, shared that, “I would use the extra funds taken out on loans for future living, or journalism school.”
People who take out loans are often stuck with debt for most of their life. Because of the high interest rates on loans, people frequently pay much more than they initially took out.
Even though there are many pros to college debt forgiveness, there are some concerning cons to consider. A big con is that many people find debt forgiveness to be unfair.
Many people have already paid off their student loans. This would not be fair to people who have worked hard to maintain good grades for scholarships or worked to make extra money to prevent taking out loans altogether.
Some people see student debt forgiveness as the easy way out for people, which encourages a lack of accountability. Debt forgiveness ignores people who worked hard to fund their schooling or have already sacrificed to pay off their debt.
There is also a concern that college debt forgiveness will worsen inflation. Student debt forgiveness will give people more money, allowing them more freedom to buy things they would not have necessarily been able to afford before. This could cause a shortage of goods, and businesses will have to raise their prices.
According to the National Conference of State Legislatures, economics was a significant factor for the Supreme Court in declaring debt forgiveness unconstitutional. There is currently 430 billion dollars’ worth of student debt in America. Forgiving this debt would have a significant negative impact on the economy.
