Biden's Student Debt Relief: A Legitimate Solution or a Political Scam?
When considering the controversial policy of wiping away student loan debt, one can't help but draw parallels to personal experiences of many Americans.
Coming from a low-income family, the cost of college was a distant dream for my parents. The idea of taking on debt for an uncertain future seemed too risky. Instead, I decided to serve in the armed forces and earn my GI Bill. Serving my two years, I earned the Nam Service and Campaign Medal and used these benefits to pursue my education. While obtaining a decent-paying job, I focused on saving for my children’s college education, ensuring they wouldn't have to join the military to achieve higher education. Today, I have a firm stance that student debt relief should come with contributions, not just a free ride.
No U.S. President has the authority to unilaterally “wipe away” student loan debt. President Biden is promising something that he knows he cannot deliver. Instead, many borrowers can receive relief by making continuous payments for ten or more years, which is a sensible and fair approach.
During my years in the military, I witnessed the attraction of employment due to the public service benefits. Similarly, borrowers can receive loans at discounted rates when they default and their loans are sold. If I were in charge of the student debt forgiveness program, I would have started with private loans, buying them at bargain prices. However, I am not a fan of the current program because it doesn't recognize that paying for college was a personal sacrifice. Many students believe that obtaining a degree guarantees higher earnings, but the reality is more complex.
The education system has been flawed, fostering an environment where debt accumulation is incentivized through student loans. This has led to a situation where the government and institutions have created a loan disaster. The whole system has turned into a college preparation mechanism, increasing tuition fees based on promised future returns while neglecting the practical skills needed for real-world survival.
Back in the day, Biden spearheaded legislation making student loan debt harder to remove through bankruptcy. Now, he is using this crisis to pander, claiming it as a political move. However, the students still have to pay the debt, which will come from future taxes. While it can seem like a free ride for some, the system is fundamentally flawed.
So, is student debt relief a legitimate solution or a political scam? The answer depends on how the program is structured and whether it truly helps borrowers or just fuels further debt and dependency. It's a complex issue that requires careful consideration and reform.