Student loan debt forgiveness is not the answer

It is no secret that Joe Biden and the Democratic Party are trying to buy votes by dangling the carrot of student loan debt forgiveness to thousands of college students and recent college graduates.  Student loan debt is at an all-time high, hovering at $1.61 trillion (about $5,000 per person in the U.S.), but who is to blame for this?  Is it the student, for taking on a debt with no tangible way to repay it?  Is it the school for overcharging on tuition?

Shockingly, the answer lies with our beloved federal government.  By guaranteeing astronomical amounts of money to kids with no real assets or ways of repaying the loan, they are effectively perpetuating the cycle.  Now they want to cancel the debt by robbing Peter to pay Paul.  The educational institutions see this as an opportunity to profit greatly, and who can blame them?  If you were in business and a third party was going to guarantee you a limitless dollar value from your customers on an annual basis, you would jump at the chance to make the money.

To end this student loan debt crisis, we must stop guaranteeing loans to people with no way of repaying them.  This will then cause the educational institutions to lower their tuition prices, knowing that the federal government will no longer back these crooked loans that rob our youths of the ability to afford things such as a place of their own to live.

Parental involvement is also key.  Those who can afford to pay for a private education should be encouraged to do so.  At the same time, we ought to be advocating increased attendance of state schools, community colleges, entrepreneurship, trades, and our military as all viable options for soon to be graduating high school seniors.  Wiping someone's debt clean constitutes a bailout.  The free-rider mentality that ensues creates dependence upon government and dependence on the American taxpayer.

The simple answer to all this is not to burden middle-class taxpayers with student loan debt, but for the debt-holder to repay it.  We ought to be teaching our children the importance of budgeting and financing their education properly and ignoring the too-good-to-be-true clean slate offer the Democrat party wants you to believe in.  There is no such thing as a free lunch.  There is an opportunity cost to everything, and this cost I am afraid would hurt us all.

Image: Pixabay.

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