1st draft student loan forgiveness
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Wilmington University *
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ENG-121
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English
Date
Apr 3, 2024
Type
docx
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4
Uploaded by SargentFinchPerson964
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Should college students in the United States receive loan forgiveness?
Kadeidra White
Wilmington University
ENG 121: English Composition I
Mrs. Erin Wilson-Rowe
March 24, 2024
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Should college students in the United States receive loan forgiveness?
For many years, student loan forgiveness has been a delicate issue in the United States. As the cost of higher education climbs, an increasing number of students are having trouble repaying their loans.
College students in the United States should receive loan forgiveness. Student loan forgiveness would provide much-needed relief to those affected by school debt.
Our education should be free. They should not have to go into debt for choosing to further their education. By forgiving student loans, more people would become more successful financially. One strong reason
in support of student loan forgiveness is it will help borrowers build wealth by allowing borrowers to focus more on settling other debts, saving for retirement, or purchasing a home (Mulhere, 2024). For example, a study from
"Student Debt Forgiveness Would Impact Nearly Every Aspect of People's Lives” reveals that the proportion of student debt
forgiven significantly impacts household behaviors
(Roll et al., 2021). It shows that those with more than half of their debt forgiven are more likely to pay down other debts, have a child, save for emergencies, return to school, and start a business
(Roll et al., 2021). Both high- and low-
income households reported that different amounts of student debt forgiveness would affect them
in similar ways
(Roll et al., 2021).
Another strong reason in support of student loan forgiveness would prevent the racial wealth gap from expanding. For example, twenty years into repayment, the average white borrower has paid off approximately 95% of their initial sum, while the average Black borrower has paid off only 5% (Mulhere, 2024). Opponents of loan forgiveness, on the other hand, claim student loan forgiveness could be considered unfair to those who have worked hard to pay off their student debt and create a
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moral hazard for future borrowers lacking responsibility (Mulhere, 2024). Why should those who
haven't paid off their debt have a greater right to it than those who have made sacrifices and saved money to pay off their loans or pay for college out of pocket? However future students may recklessly take out loans believing that there will be another massive round of forgiveness from the government creating more debt (Mulhere, 2024).
In conclusion, student loan forgiveness is a challenging and sensitive topic that must be well thought out and examined. Although there are certain issues and drawbacks to this tactic, in my opinion, the rewards of loan forgiveness outweigh the risks. In order to address the growing problem of student debt, our society needs to act now, and loan forgiveness is a critical first step toward achieving greater justice and equity.
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References
Mulhere, K. (2021). Should Biden cancel student debt? The loan forgiveness debate explained.
Money
,
https://money.com/student-loan-forgiveness-pros-cons/Links to an external site.
Roll, S., Jabbari, J., & Grinstein-Weiss, M. (2021, May 18). Student debt forgiveness would impact nearly every aspect of people’s lives.
Brookings
.
https://www.brookings.edu/blog/up-front/2021/05/18/student-debt-
forgiveness-would-impact-nearly-every-aspect-of-peoples-lives/