Should Student Debt Be Forgiven?

 Introduction

This just in, Biden has just announced that he is going to forgive student debt! Doesn't that sound amazing? You will no longer have to use too much of your "hard-earned" money to pay for the school that YOU decided to attend! Let's give a round of applause to the charitable white house that is equivalent to Homelander saving the people of America out of the kindness of his heart. If you thought this last sentence was me being serious, LOL I wasn't being serious. On a real note, what is the actual plan? There are people that do not read the fine print and only read the headlines. Those who do that, often get suckered into investing time and money in something that doesn't even work or benefit them. Let's dig deeper into this plan on what it is really about.

What is Biden's actual plan?

According to The New York Times, "President Biden announced a plan on Wednesday to wipe out significant amounts of student loan debt for tens of millions of Americans, saying he would cancel $10,000 in debt for those earning less than $125,000 per year and $20,000 for those who had received Pell grants for low-income families...“All of this means people can start finally to climb out from under that mountain of debt." So this means we're going to move money around like it's not a big deal to solve other people's temporary problems and not solve an even BIGGER problem, which is the country that we are living in? If anything, our taxes should be helping solve the current economic problem, the education system, and others.

Pros & Cons

+ It will help low-income families

+ You will pay less money than what you originally owed

+ Using someone else's money instead of their own

- It doesn't wipe out "all" of the debt

- Only low-income families qualify

- Date of issuing the money is undetermined

- The forgiveness will eventually have to be paid back

Who will be affected?

Students will definitely be affected because they will not be paying as much money. I am kidding, they will be paying more or an equivalent amount to what they already owe since they'll most likely be paying it back in next year's tax dollars. The people that will be affected are the people that actually have a job that is working at least 40-60 hours a week. More importantly, the forgiveness will be coming out of everyone's tax dollars, or at least the people that pay taxes. The plan is approximated to cost about 500 billion dollars... what the hell?

Final Thoughts

As a student that attends a 4-year CSU, I think that the student debt is ridiculously high, but not to the point where I think college should be free. The people that work for the universities need to get paid somehow. As a business major, I think that the people who rely on debt relief do not know a single damn thing about responsibility. I highly doubt business owners were just handed money (except Donald Trump), MOST of them grind for their money by working odd jobs and thinking outside the box. It's pretty simple to pay off student debt, get up off your ass, and get a job. If a job requires a degree and you don't have one, then learn how to pick up useful skills and be social to build connections to help you land jobs. For goodness sake, you cannot expect the government to be handing you things left and right, you have to do something for yourself. What is the point of feeling accomplished and successful if you aren't doing any of the work? Learn how to be an adult instead of acting like a spoiled child that needs to be handed things.