Loan Forgiveness Wrong: Students Need to Learn Responsibility

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    (Photo: Courtesy of Harvard University)
    Established in 1636, Harvard is the oldest institution of higher education in the United States. The University, which is based in Cambridge and Boston, Massachusetts, has an enrollment of over 20,000 degree candidates, including undergraduate, graduate, and professional students. Harvard has more than 360,000 alumni around the world.
By Brittney R. Villalva , Christian Post Reporter
March 23, 2012|4:30 pm

Congressman Hansen Clarke recently proposed the Student Loan Forgiveness Act to congress as an attempt to help boost the economy. While some are relieved at the prospect of having their loans forgiven, others have suggested that the bill will create less responsible youth.

The bill was proposed as an attempt to aid a struggling economy. Clarke wrote in the bill that its purpose was: "To increase purchasing power, strengthen economic recovery, and restore fairness in financing higher education in the United States through student loan forgiveness, caps on interest rates on Federal student loans, and refinancing opportunities for private borrowers, and for other purposes."

But some have questioned what kind of message loan forgiveness could pass on to young adults.

"While I see the thinking here, I have to wonder if it's teaching students that they don't need to be responsible with debt, because somebody's going to bail them out," Joe Sewell wrote on the Christian Post blog.

Some are convinced that loan forgiveness will lead to students being more irresponsible, but students have come forward to defend themselves.

"With my student loans now, I am looking at ruffly 25 years at $575 a month to pay them back, and I still have another year to go," Natalie White wrote on the Inquisitr blog. "Seriously, I don't mind paying them back, that's what I have a job, and a car for (to get to job and make money) but, it's hard to get a good job, that allows you to make more than minimum wage, to even stand half a chance at paying them back before I retire at 60."

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Many young people stated that they felt unrepresented and misunderstood.

"There is a silver lining in this process. Its not all puppies and kittens, its a good idea but since when has a politician offered something for the people....let alone in my age group 18-25," Jarin Schlievert asked.

Some have questioned how and why students raked up such debt in the first place and charge that young adults have no understanding of what it means to work from the bottom up. Students say it's more difficult than that.

"The problem with the, starting at the bottom theory, is that this type of economy doesn't make it possible," Latoya Wilson said.

"It is very narrowminded for all you older folks to say 'I paid my loans back, they should too.' Guess what? Things are very different now. Why should students be punished with this mess that the government and corporations have made?" Beini Qu asked.

"I recently tried to hire a new college grad for an entry level accounting position and in the 2 days the job posting was up almost 1,000 people applied...some of them had been CFO's in the past! Tell me...were things that desperate when you graduated that allowed you the ability to pay back all your loans?" he added.

One user suggest that students shouldn't go to school if they can't afford it.

"College can be extremely expensive for students if they do not receive a scholarship. However, students know what they are getting themselves into when they go to college. Their loans should not be forgiven, since they are aware of their financial situation when entering college. If they do not think they can manage paying their loans off after graduation, why go to school?" Paul Betzler questioned.

 

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