Like every other millennial on Earth, I was urged incessantly to go to college and get a degree - any degree really - if I wanted to get somewhere in life. So, of course, I had aspirations to further my education.
Whenever the topic of paying for college came up, however, my mother never hesitated to tell me that she could never afford to pay for any of her six children’s college education, but that it shouldn’t hinder me from trying to go. She suggested using my own money to pay for classes and applying for FAFSA and scholarships to help supplement the cost.
And so that’s basically what I did. I found an employer who would pay for my Bachelor’s in full with no strings attached. To have graduated university debt-free is something I feel eternally grateful for.
That being said, I find Biden’s recent, small erasure of student debt to be a ridiculous move.
Yes, I know, some might think: you literally just admitted to not having student debt, therefore you don’t know what it’s like to be under such debilitating financial pressure and your opinion is totally invalid here!
Just because I’ve never had student loan debt doesn’t mean that I’ve never been in debt. In late 2017, I thought it was a good idea to lease a 2018 Crosstrek. So, I had around $35k (though potentially a lot more if I had decided to keep the car at the end of the lease term) hanging over my head for 3 years. Ultimately, I ended up paying around $18k for a car that I eventually gave back to the dealership.
And you know what? It. Fucking. Sucked.
Having to say goodbye to just under $350 every month is something I do not miss whatsoever. Though I won’t ever get that $18k back, I’m just happy to not be under so much financial stress any more.
So, yeah. I get it. Seeing an outstanding loan attached to your finances is one of the most anxiety-inducing experiences.
Still, it is common for people to carry more than $35k around in student loan debt. So, my opinion might still be rendered invalid; however, I’m going to repeat something I’ve said several times before: it’s okay (and I’d argue necessary) for people to have an opinion on world events that do not affect them personally.
If we limit the opinion pool to only those that a particular issue affects, then all we’ve done is guarantee biased outcomes regenerating themselves over and over again in a shallow, self-serving echo chamber.
So, while the recent Biden decision doesn’t affect me personally and despite my being able to dodge the crushing weight of student loans, I’ve still got a few criticisms for dear ol’ grandpa Joe.
For starters, there’s the massive elephant in the room: what about those people who *literally* busted their asses to pay back their debts? How do we reconcile this? Will they just receive a $10k stipend, or do we just look at them and say sorry?
Because it just doesn’t seem like “sorry'“ is going to cut it here.
It’s wildly unfair, no matter how you try to spin it. And, if you did try to justify this objectively unfair oversight or whatever it is, I can only imagine your justification will be borne of selfish reasoning.
Okay, so all those poor suckers that did the noble thing and paid their loans back aren’t seeing any sort of retribution for doing the right thing. That’s already established.
But what about future college students? It’s August, so the fall semester just began for thousands of college freshmen, sophomores, juniors and seniors alike. And, we can all make the fair assumption that most of them had to take out loans to enjoy this semesters’ worth of instruction. Will they also be granted this $10k deduction? Or is this temporary?
Again, I’m not a fan of this decision at all, but if I were a current college student I’d love to know the answer to these questions. So far, it isn’t clear. If this is the case and people can only expect a temporary relief, then this still isn’t fair.
Moreover, I’d like to know just exactly how this is supposed to help the actual problem of college degrees essentially costing more than they’re worth. Is this small-scale disappearing of debt going to make college less expensive for students going forward?
It very likely won’t - and I’m willing to bet that it will actually increase the cost and exacerbate the problem because the last time government got involved in the funding of higher education, it got us where we are today.
And you know what’s a hard pill to swallow? Politicians could give two shits about your woes. Think about it: if politicians win votes based on the promise to end your suffering, they never will because their very power is at stake. The people who make a living off of promises to fix our problems are actually disincentivized to fulfill their promises.
Quite the mindfuck, isn’t it?
Yet we go on believing their bullshit anyways.
To them, you’re only a bargaining chip. Anything they can say to sway your vote, they’ll say - even if their decisions negatively impact other things.
I’ve already analyzed and critiqued the recently-passed Inflation Reduction Act. But we’re hearing from multiple sources that whatever “savings” were laid out in it are going to basically be a wash after millions of folks have the $10k wiped from their balance sheets.
And you know what? $10k isn’t enough for them.
They want more than a measly $10-$20k.
They want all of their student debt abolished.
If this minor step towards total loan forgiveness (presumably) perfectly counteracts any national savings we were to expect, then I wonder what sort of impact enacting a total loan forgiveness will trigger.
Still, though, I don’t blame the folks who want all of their debt abolished. There is basically no logical reason for the Biden admin to pull this move, especially on an arbitrary number range like $10-$20k. Unless, of course, you consider the fact that your suffering is merely a campaign topic for upcoming elections.
Then it all makes perfect sense.
I’m just waiting until after the midterms to see if some of the more wild predictions come true:
Regardless of what happens, I’m just tired of people allowing themselves to be played. I think that the college pricing/funding system can be altered entirely as a better solution to the issue at hand, which is the absurd cost of college.
I’m also not opposed to other solutions to the student debt crisis - like erasing the interest and only requiring the principle to be repaid. I just think this is an obvious ploy to garner more votes for Team Blue come this November.
And, unfortunately, people are taking the bait.
Forgive Me, Father, For I am Drowning in Debt