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euripitaes · 7 months ago

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An Open Letter to College Graduates Who Oppose Student Loan Forgiveness

Dear graduate,

I am one of the 43 million Americans with federal student loan debt. I’m one of the 20 million Americans that would’ve had their debt completely erased by President Biden’s original loan forgiveness plan. Since the Supreme Court shut down this plan in 2023, the Biden administration has implemented several rounds of more targeted plans for borrowers across the country. None of these plans have applied to me.

I am a first-generation American. My parents did not go to college in the U.S. Back home, my parents make just enough to pay rent, bills and groceries. Given the chance to attend one of the finest journalism schools in the country, I took it with a little help from our friends at the U.S. Department of Education.

Now, I’m 8 months away from my graduation. My parents make the same amount they did in 2021 when I got accepted into school. Rent has gone up. According to the Department of Education, interest rates have nearly doubled[i]. Cost of attendance for my last year of college nears $100,000. I am about to step into one of the most difficult job markets in the past decade[ii]. And alongside surviving, I must worry about my student loan debt.

But you are so vocal about denying me this relief. Any government action is met with intense backlash. You say I should be responsible for my economic choices. That it will ruin the economy. That my college degree is setting me up for enough success to pay my loans back on my own. But most of all, you say it is unfair.

Senate Minority Leader Mitch McConnell once said loan forgiveness is “a slap in the face to every family who sacrificed to save for college, every graduate who paid their debt, and every American who chose a certain career path or volunteered to serve in our Armed Forces in order to avoid taking on debt.”[iii]

McConnell might not be your spokesperson, but his point is not lost on me.

In this economy, it’s survival of the fittest. If you’ve spent years of your life and thousands of your hard-earned money paying back loans, a benefit like this that doesn’t apply to you feels like an insult; a missed opportunity to relieve the burden you once had.

The human mind is practically programmed for fairness. The areas of our brain associated with reward and punishment are activated with negative emotional responses when we’re faced with unfair outcomes[iv]. These are emotional responses that arise quickly and automatically, not deliberately and rationally[v].

But beyond the psychology, I understand the anxieties of financial insecurity.

There’s nothing quite like financial fear, watching the tax rate and the price of everything inch higher and higher. If you’re already struggling to finance your own life, the idea of having to bear the consequences of something you played no part in sounds like an affront. Your frustrations are heard. But I urge you to consider the conditions of borrowers today.

The average size of debt has increased from just over $10,000 in the mid-90s, to about $30,000[vi]. Difficulty repaying this hefty sum is disproportionately felt by low-income, first generation and racial minority students[vii]. They have lower incomes post-graduation. And debt is barring young adults from significant life milestones like getting married, starting a family and buying a house or a car[viii]. Our lives are stuck in a limbo, with our debt standing as a dam to our personal success.

Even so, it is not only young college graduates faced with this burden. Loan forgiveness would impact millions of borrowers aged 50 or older[ix]. It is a multigenerational problem, impacting mostly low-income borrowers, not necessarily the affluent and successful that can repay their loans by themselves.

If you care little for the flow of our lives, consider this: Rising student debt is harming the economy we all participate in. Debt prohibits people from participating in our economy[x]. More disposable income could stimulate growth and boost the nation’s real GDP by $20 billion[xi].

A benefit that does not impact you triggers feelings of anger and frustration almost as instinctual as taking a breath of air. And with the financial fear that looms over us all, I cannot blame you for the pushback you’ve championed against Biden’s forgiveness plans.

That financial fear, however, leads me and other borrowers in the opposite direction. Understand me as I’ve tried to understand you. I am facing a much different economic landscape than even five years ago. I am scared for the day I leave the confines of my education and begin to live in a world that keeps on asking when I don’t have much to give.

Were you not once in my place? Do you remember the anxieties that sat in the pit of your stomach as graduation approached? What would loan forgiveness have meant for you?

For me, it could be a lifeline amidst a raging storm. And I shall wait to see if it’ll come my way.

Best,

L.C.

Sources:

[i] “Interest Rates and Fees for Federal Student Loans.” Federal Student Aid. Accessed April 19, 2024. https://studentaid.gov/understand-aid/types/loans/interest-rates.

[ii] Smith, Morgan. “Finding a Job Is Getting Harder Even in a Strong Labor Market: ‘It’s Just a Mess,’ Says Recruiting pro.” CNBC, February 16, 2024. https://www.cnbc.com/2024/02/16/finding-a-job-is-getting-harder-even-in-a-strong-labor-market-heres-why.html.

[iii] “McConnell: Student Loan Socialism a ‘Slap in the Face’ to Working Families: Republican Leader.” Republican Leader Mitch McConnell | Press Releases, August 24, 2022. https://www.republicanleader.senate.gov/newsroom/press-releases/mcconnell-student-loan-socialism-a-slap-in-the-face-to-working-families-.

[iv] Tabibnia, Golnaz. “Are Humans Hardwired for Fairness?” Association for Psychological Science - APS, April 15, 2008. https://www.psychologicalscience.org/news/releases/are-humans-hardwired-for-fairness.html.

[v] Tabibnia, Golnaz. “Are Humans Hardwired for Fairness?” Association for Psychological Science - APS, April 15, 2008. https://www.psychologicalscience.org/news/releases/are-humans-hardwired-for-fairness.html.

[vi] “Quick Facts about Student Debt.” The Institute for College and Success, April 2019. https://ticas.org/wp-content/uploads/legacy-files/legacy/files/pub/2003-04_quick_facts.pdf.

[vii] Walsh, Kate Padgett. “The Ethics of Canceling Student Debt Is More about Fairness than Broken Promises.” The Conversation, October 28, 2022. https://theconversation.com/the-ethics-of-canceling-student-debt-is-more-about-fairness-than-broken-promises-193288.

[viii] Walsh, Kate Padgett. “The Ethics of Canceling Student Debt Is More about Fairness than Broken Promises.” The Conversation, October 28, 2022. https://theconversation.com/the-ethics-of-canceling-student-debt-is-more-about-fairness-than-broken-promises-193288.

[ix] Banerjee, Asha. “Ten Reasons to Cancel Student Loan Debt.” The Center for Law and Social Policy, January 2021. https://files.eric.ed.gov/fulltext/ED610484.pdf.

[x] “Is Rising Student Debt Harming the U.S. Economy?” Council on Foreign Relations, April 16, 2024. https://www.cfr.org/backgrounder/us-student-loan-debt-trends-economic-impact.

[xi] “Student Loan Debt Elimination - Pros & Cons.” ProCon.org, June 30, 2023. https://www.procon.org/headlines/should-student-loan-debt-be-easier-to-discharge-in-bankruptcy-top-3-pros-cons/.

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euripitaes · 7 months ago

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