Student Loan Relief: Proceed with Caution | Journal-news

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Many successful people in their lives are where they are today because of the educational opportunities provided by federal student loans or grants.

These former students should be eternally grateful to have had the opportunity to grow up in a free nation with abundant financial resources – abundant financial resources that allowed them to earn a college degree without having to first provide much or even no upfront tuition at all.

Now, rather than dwelling on the hope that their loans might one day be forgiven, for whatever reason, former loan recipients who are now earning a paycheck should feel a sense of patriotic duty and obligation to repay all of their education debt one day.

Yet it is human nature for former students to hope that the government might one day choose to cancel their loan(s), freeing them from debt that is destined to last for years or even decades, depending on the subject area. of student studies.

Student loan relief has been a highly visible topic of discussion and debate for years. The topic has been front and center, especially on political campaign trails.

That said, it’s safe to assume the topic will figure prominently in the campaign leading up to November’s midterm elections and in the 2024 presidential race.

Without a doubt, this is the kind of issue that should be a campaign topic. Yet families who sent their sons and daughters to college without ever receiving debt forgiveness might be inclined to object to free – full or partial – for others.

Also, many former students and their families believe that having to pay for something like a college education fosters a greater appreciation for it.

Such thinking should be recognized by the White House and Congress when considering the issue of student loan relief.

Many Americans have already cemented their opinions on the subject; what they should do now is share their opinions with their representatives in Washington.

The Wall Street Journal last Wednesday delved into the issue of student loan repayment, reporting that the Biden administration wants to make it easier to forgive debt for low-income student borrowers through an existing program that has enrolled millions. of people, but that provided little with relief.

The move, announced by the Department of Education, would attempt to more broadly overhaul how the student loan repayment system works, the article said, noting that earlier this month President Joe Biden extended a pandemic-

related pause on federal student loan payments through August 31.

According to the article, the changes advocated by the administration would allow about 3.6 million people — nearly 10% of all student borrowers — to receive at least three years of credit toward possible debt forgiveness. Borrowers and members of both parties in Congress have criticized the program in question as broken, due to the few students it has actually helped since it began in 1992.

“Student Loan Relief Plan Aims to Expand Eligibility” was the headline of last Wednesday’s Journal article.

It is premature to judge whether this is a good idea. It’s also premature to speculate whether the president’s idea will ever become a reality, due to the split in Congress.

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