I support student loan forgiveness because there is literally not a single reason not to. Arguments against the initiative say it will "drastically affect the economy" and "destroy the fiscal responsibility that comes with college." These arguments, in short, carry absolutely no weight.
Firstly, it's hard to say that providing free college will destroy a nation's economy when there are several European Union members that are doing just that -- and they're doing just fine. Furthermore, a study by the Levy Economics Institute found canceling the $1.4 trillion of student loan debt held by American students would have a phenomenal effect on the economy, such as:
- generating between $861 billion and $1,083 billion in real GDP over 10 years;
- reducing the average unemployment rate by 0.22 to 0.36 percentage points over 10 years;
- adding roughly 1.2 million to 1.5 million new jobs per year; and
- increases in small business formation, degree attainment, and household formation, as well as improved access to credit and reduced household vulnerability to business cycle downturns.
Statements arguing that student debt cancellation would negatively affect the economy are just factually wrong. Numerous European countries have thriving economies while offering free college, and countless studies have found the initiative would create economic growth.
Secondly, arguing that free college ruins a student's chance to learn about fiscal responsibility shows a complete ignorance of the lives of American students. American students aren't fiscally irresponsible they are, in fact, quite the opposite. According to the National Center for Education Statistics, "79 percent of young adults with a bachelor's degree worked full time, year round in 2016." Furthermore, the average income for a young adult with a bachelor's degree had a $50,000 median yearly earning (in a country where the average annual consumer cost was 57,000). College students are living on single paycheck budgets working sometimes multiple jobs to make ends meet. They aren't fiscally irresponsible, they may be some of the hardest working citizens we have in this county.
Many students are also making the (incredibly fiscally responsible) decision to move to the countries offering free college to obtain their degrees. In terms of economics, this means we are losing money spending citizens to other countries who's economies then benefit from the influx of increased circulation. In terms of American prestige, when natural citizens leave their country to get their education in another, it really shows how much their home nation has become an outdated backwater where education doesn't even make the list of top 10 prioritizes. Remember when America was leading the world in education, economic growth, and technological advancement? Yeah, neither do I.
I'm a college student. Nearly every day I get to have a conversation with someone about my future. The saddest part of these conversations is that every aspect of it has to be shrouded in paying off those student loans. The main focus can not be finding a job I would love or moving to a place that would be great to live, but is instead plague with trying to figure out how to pay for this one degree that is essential to personal growth and economic advancement.
I don't want my life to be defined by my student loans. I want my life to be dedicated to the work I love and the change I want to see in this country. That -- along with the incredibly obvious economic benefits -- is why I support student loan forgiveness.
