Letter to the editor: Argument against forgiving student debt
Like probably most of us, I have done a lot of reading and spent a lot of time in deliberation in 2020. One of the things I have recently read is that one of the first things Joe Biden would do if he is eventually confirmed as president of the United States is to forgive the payment of all student loans. I have mixed feeling about this.
Some young people that I am very close to have sizable student loans. The forgiveness of these loans would be important to their short-term financial future. The key words in the preceding sentence is “short-term.”
In 2019, the total amount of outstanding student loans in the U.S. reached an all-time high of $1.41 trillion. If these loans are forgiven, the total amount will no doubt go against our national debt. Our current national debt is $27.1 trillion and will certainly increase if there is another stimulus package.
There is also another aspect to the forgiveness of the student loans which is just as important as the economic issue.
When I was growing up in the 1950s, there was great value placed on keeping one’s word and fulfilling one’s responsibilities. We thought that if a person agreed to a set of conditions like a loan agreement, they should certainly fulfill that obligation. In today’s society, we are giving so many wrong messages to our youth and this is one of them.
I think that if you really think about it, you know better. Someone always has to pay.
Don McCullough, Manhattan