Taking Sides: Student Loan Debt SHOULD NOT Be Forgiven

Mason West, Columnist

  On Aug. 24, 2022, the United States Department of Education announced a plan that would erase thousands of dollars from student loan debt borrowers who earn less than $125,000 a year. This plan is unfair and student loan debt should not be forgiven because the debt will carry on to American taxpayers. Obviously, college is not free and must be paid for by someone. College is not for everyone, so it makes absolutely no sense that Americans will be paying for other people’s economic choices.  

  Most importantly, student loan debt should not be forgiven because it will be financed by increasing national debt. For short-term purposes, this debt will either have to be paid by increasing taxes or adding on to the inflation by the Federal Reserve printing more money. According to “The Heritage Foundation,” increasing taxes for student loan forgiveness would cost U.S. taxpayers $3.11 billion total and $2,000 in higher taxes per individual, making it unfair for the majority of taxpayers that have no student loan debt.  Not to mention, some individuals are trying to avoid debt by not going to college. Student loan forgiveness comes at a high cost for many Americans as the government is transferring student loan debt to hard-working Americans. 

  Secondly, student loan debt forgiveness should not be forgiven because it’s unfair to the lower class. According to The Heritage Foundation, the wealthiest 40 percent of Americans are responsible for 60 percent of the national student loan debt, and the lowest 40 percent of income earners are only responsible for 20 percent of the national student loan debt. This is because higher-paying jobs typically require more education and therefore incur more debt. Because of the disproportionate amount of debt between higher-income people and lower-income people, higher-income people are more likely to receive student loan forgiveness. 

  Money just does not just magically appear. The Biden Administration is canceling student debt and forcing it on the American people. If the Biden Administration wants to help with student debt, they should start creating higher-paying jobs and help decrease the inflation that’s already caused Americans to lose money out of their pockets. College is an investment for the future and investors should be responsible for their own economic decisions.