College Loans and Debt Forgiveness

The issue of college loans and the accumulation of debt that many students are facing when graduating is one that needs to be examined.  On the one hand, why shouldn’t anyone who wants to attend college and university be entitled?  On the other hand, should we allow students who knowingly take on such debt to be set free of the burden of repayment?  While I am certainly sympathetic to their plight, what are we teaching these young adults about responsibility if we allow them to walk away from their debt?  Is this very different than the housing crisis?  I have seen many stories of the predatory lending practices of big banks but what about those who take mortgages they can’t afford to repay?  We have become a society of blameless individuals who refuse to acknowledge our own shortcomings.  It might damage our fragile egos.  The message that must be learned is to take resonsibility for your actions.  If a student majors in Political Science and expects to pay back $25,000 or more, in college loans, it simply won’t happen.  As a society, we must start thinking about the consequences of our actions.  We simply may not be able to attend any school we prefer just the same way we may not be able to afford any car or any home that we want.  This is an extremely important lesson that will have long term ramifications on the financial health of this country.

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