Student loan forgiveness isn’t a big topic of discussion in Canada right now but it certainly is in the United States.
The term “student debt crisis” is used a lot when talking about student debt in the United States. Considering Americans hold more than $1.5 trillion in student debt…well, it feels appropriate.
But student loan debt is not just an American problem.
As one of the hundreds of thousands of Canadian borrowers contributing to that total, I wish I could say that surprises me, but it doesn’t.
It does, however, strengthen my belief that student loan forgiveness is a great idea.
Why I absolutely support student loan forgiveness
There are three key things that come to mind when I think about why I support the idea of student loan forgiveness, regardless of whether or not I would benefit from it.
Because I would support it if I was still paying back debt
If I woke up tomorrow morning and the government wiped out our student loan, I would weep with joy.
We’ve focused on paying back debt for the last couple years, and all we have left is the student loan. We’ve made a significant dent, too — taking it from $48K plus to a sub-$30K balance in about a year.
But we still have a ways to go. It will take at least a couple more years to finish paying it off — and that’s the best case scenario.
We are on track to pay it off ahead of the initial repayment period. Still, it sucks knowing how much money we’re sending to debt every month right now.
So I certainly would not complain about an initiative, like student loan forgiveness, that would clear that balance.
Student loan forgiveness would be a game-changer for us.
And let’s be honest: if you have student loan debt, I’m sure you wouldn’t be complaining either.
Of course, the odds of this becoming a thing are unlikely generally, let alone in time for it to make a difference for us. But if it were to happen, somewhere down the line, I’d still support it.
Why?
Because I know what it’s like to live with student loan debt
I think the concept of student loans is well-intended. There are a lot of people who wouldn’t be able to access post-secondary education without some kind of financial support.
I know this, because I’m one of those people.
I used to say I got lucky because my entire education was funded through a scholarship, but I don’t anymore. My scholarship was based on academic merit. I worked hard to earn it.
But without that scholarship, I would have taken on significantly more debt. We simply didn’t have the means to pay for school. With the cost of post-secondary education continuing to rise, a lot of people are in that same boat.
That’s why I get angry when people suggest the solution to the student debt crisis is to… just not take out student loans. Don’t even get me started on those who deny the impact of race and privilege and suggest the only thing you need to do to get through university without loans is to “work hard.”
Would be nice if it were that simple but…it’s not.
Reality is, we live at a time where it is increasingly necessary to have post-secondary education to get a job. In our case, my degree cost me about $9K out of pocket, while Jeff’s ended up being about $48.5K. Our degrees helped us get the jobs we have now. While it will take a few years to pay off the debt, we will eventually be in a good financial spot.
There are things we have delayed because of student loan debt, like homeownership. If student loan forgiveness were to happen, we would likely be finished with paying back our debt. But I’d still support it because I would remember how much repayment sucked.
Just because I won’t benefit from it doesn’t mean it’s not a good idea
This, perhaps, is the most important reason why I would support student loan forgiveness even if our debt was paid off.
I have not enjoyed paying back the student loan one single bit. Sure, colouring in the chart is fun but seeing how much we’ve sent to the loan? It feels like a crime against the soul. It sucks. I cannot wait to be finished.
I find it really messed up that we live in a time where it has somehow become acceptable for young people to be so deeply in debt. Five-figure student loan debt is normal — which is why I become so incensed when I see headlines talking about how millennials are killing various industries.
You know. As if we actually have the money to spend right now.
Student debt has had and will continues to have an impact on this generation and beyond.
Knowing this, I simply can’t bring myself to push back on a policy idea that would make it easier for the next generation. Yes, challenging experiences provide opportunities for growth, but I refuse to buy into the idea that financial struggle is somehow a rite of passage. That’s ridiculous, if you ask me.
Student loan forgiveness would make it easier for people to get ahead. And even if we’re debt-free by that point, I’m here for that.
Final Thought
It’s probably apparent, but I am firmly in the camp that believes student loan forgiveness is a great idea.
I know there are those feel otherwise. Typically, the argument I see against student loan forgiveness hinges on this idea of personal responsibility. You got yourself into this, it’s your job to get yourself out of it. I understand the idea, but personally, I can’t get behind it. There’s probably a whole post that could be written about that, but ultimately, I think it comes down to worldview.
To me, I think there is value in doing things that benefit the whole, even if it doesn’t benefit me personally. Student loan forgiveness would be life-changing for many. That’s why I find it worth supporting, even if it doesn’t benefit me personally.
Do you support student loan forgiveness? Why or why not?
Love this post and I absolutely support student loan forgiveness! I could not have attended college without taking out student loans. Thankfully, I received some financial aid + had scholarships that helped to pay for a large portion of my tuition, but I still graduated with about $10,000 of student loan debt. When I graduated, my job paid me a pittance and I ended up deferring my loans for years because I just didn’t have the money to pay my loans. I finally wasn’t allowed to do it anymore and had to start paying them back. (And since they had amassed lots of interest, I owned a lot more than $10,000 by then.)
I don’t regret my loans and I don’t hate my loan payments. They are just… what they are. I needed those loans to get me through college because I needed a degree for the career I wanted. It will be nice the day I don’t have to worry about my loans and have them firmly off my plate! But I also know I’m in a much better state than many other people who have tens of thousands (or even six figure loans!) to pay back. The fact that some people are paying a mortgage-worth of money to their loans every month is sickening, and I really do hope we can fix this broken system soon.
It actually kind of blows my mind when I see people who actively oppose student loan forgiveness. Especially when they use the logic of “well, you took out the money, it’s your job to pay it back.” You know, as if most 18 year olds actually get what they’re signing up for when they take out loans to go to school (aka do the thing that is increasingly a requirement to um, get a job)
(And that’s no shade on 18 year olds! I know what I was like at 18 and I can say for certain I would have been signing for loans and not really understanding what I was getting myself into).
I hope the system is fixed someday, too. I really do think student loan forgiveness would make a huge difference, not just for individuals (although imo that is a good enough reason to do it) but also in terms of the economy. And heaven knows the economy could use some help!