Opinion: Why should we repay student loans? |
Despite the changes from generation to generation, we have all lived our good old days. Those middle school and high school days, for the most part, bring back cherished memories. After the start, our focus changed.
For those who wish to pursue higher education, after graduation, the world of education has a real cost, unlike K-12, as tax dollars covered that tab.
I admit that towards the end of high school, my heart was not to go to university. From a single parent family where we didn’t have much, I eventually overcame my lack of self-esteem and went to Jacksonville State University.
For those who are able, working part-time while in school has many intrinsic benefits. Grateful to work 30 hours a week at Sharpe Sand & Gravel and Spencer Lumber, these employers provided wages that covered my deficit.
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After being introduced to the president of Alexander City Bank by my father, I signed paperwork for a $4,000 loan, structured to minimize repayments. After this “C” student graduated, monthly repayments began six months later. Fourteen years after graduation, the monthly amount of $29.18 has been repaid.
Have repayments been painful? No, dear readers. This transaction contained two axioms of life: it was a loan and I promised to repay it; I received value for its cost. It’s as simple as that.
Now comes President Biden with his student loan forgiveness plan. It also has axioms of life. Personal responsibility needs a refresher course for some of our citizens. A loan is a legal transaction freely entered into. It is bad business principle for the US government to absorb more debt.
Consider, as families and individuals, that we all have debt: house, car, credit cards. Would this debt disappear if we stopped payments? Of course not. Federal debt, state government debt is the same. It’s not going away. It will be reimbursed, if not by those who caused the debt, at least by the other taxpayers. It is unjustifiable.
Hiring 87,000 IRS employees to generate government revenue, while canceling $1.75 trillion in student loan revenue that is owed, is extremely flawed logic.
In America, we occasionally take oaths for earnest effort, and consider them a sacred obligation. Is loan repayment different?
Allen Harris is an entrepreneur and promoter and describes himself as “no stranger to the political arena” and “heavily involved in the development of the state’s workforce”. He can be contacted at [email protected]