Is Forgiving Student Loan Debt a Good Idea?
Kayla Webley in her essay “Is Forgiving Student Loan Debt Is a Good Idea?” rises the subject of the student loan debt and how writing off of this amount may hinder the economy. She writes that every year, hundreds of students around the globe graduate with significant loan debts. While studying, they see clearly what for they would be obliged to pay, but after graduation, they see this debt as a too heavy burden for nothing. Many of graduates blame their universities and majors for incapability to find a good job and pay their loans. Her arguement is strong, because forgiving student loan debt seems to be a good idea, but its positive effect is not that obvious, as such issues as the economy and fairness are in play.
First of all, Webley writes that having all student loan debt forgiven belongs to Robert Applebaum, who personally has problems with student debt loan. His proposition is indeed attractive for millions who are tired to pay for what is not even tangible. The petition of 2009 has gained its popularity and already has lots of signatures. The stories of all students, who fail to comply with their monthly payments in their loan schemes, look similar. Everybody blames their luck, university, major, department, and low-paid opportunities, but not themselves. However, Webley believes that in part such situation can be explained by the market imperfections and current economy situations, but it does not justify a complete writing off of debts. Besides, former students themselves are the main responsible for the inability to arrange their own lives having higher education. They should have had a clear understanding of their future after getting a degree, as well an idea of how to give back the loan. Otherwise, in the case of writing off the debt, the mechanism of loan loses its sense.
Secondly, the author says that forgiving student loan cannot be temporary (Webley 131). Current student loan debt crisis can be eased by such action, but it does not solve the underlying cause of the problem. Future generations will continue to claim such forgiveness, and this will turn higher education in the US into free of charge system. There is nothing bad in providing people with free education, but when the flow of candidates correlates with the demand for specialists. Otherwise, the quality of education will decrease, and this will raise issues far more destructive for the economy, than student loan debt. Some countries’ education indeed works for free, but after careful selection of students-to-be. Only those, who show the most outstanding results, get enrolled. In the United States, high cost of education served a filter function for this selection. If it disappears, it will take time for the logic of employers to adapt.
Moreover, Webley says that “the six-figure debts that we keep hearing about in the media are actually pretty unusual” (130). The burden of student loans is significant, but not that huge. Former students seem to have lost their motivation in paying the debts, but this does not mean that the value of the received service. Therefore, the forgiveness of debt will create inequality and unfairness in the society, and it is a rather expensive request. Previous generations which paid their debts would also claim that their rights were breached and they also deserved this debt forgiveness. This will create an emergency in the economy that might trigger other destructive processes.
In addition, the author mentions that the government loans already have options for relief. The system of getting the money back is quite flexible and offers many options and schemes (Webley 131). Those plans are available for everybody who can prove that his or her situation is hard at the moment, and the money spent for education is not really paid off by good work and salary. From some point of view, this debt may be seen as a stimulus towards looking for better opportunities and for better work. In this case, at least the government will get money back in the long term perspective, because losing it in vain (as the graduate fails to find a proper work) means many additional losses.
Works Cited
Webley, Kayla. Is Forgiving Student Loan Debt a Good Idea? Time. Time, 20 Apr 2012.
