It's in the national interest
By
I spent over two
decades paying off my federal student loans — and like a lot of people with
educational debt, I paid $20,000 more than what I borrowed. Thankfully, because
I work in public service, an earlier Biden initiative canceled over half of my
debt, allowing me to reach the light at the end of the tunnel.
Everyone deserves
this opportunity. But unfortunately, Republican-backed
lawsuits have held back Biden’s broader loan forgiveness
proposal and left it at the mercy of a conservative Supreme Court.
The whole episode
is an example of the perverse economic reality America currently faces when it
comes to educational debt.
That’s bad enough.
But they’ve also used their massive wealth to flood the airwaves with false,
misleading claims that make it harder for folks to find common ground.
As a child of
working-class immigrants in America, no one expected me to go to college.
While daunting, my
experience as a first-generation college student opened doors for me that my
parents could never have imagined when they moved here in search of better
lives for their daughters. The power of education has been a catalyst for
generations of people of all backgrounds and will continue to be for millions
more.
But more than
ever, it comes at a cost. Not just to borrowers, but to society.
The average
student leaves school with about $37,500 in
educational debt. Data shows student
loan debt has a detrimental effect on the economy, since people with lots of
debt have less to spend on consumer goods, to invest in opening or expanding a
business, or to buy a house.
That debunks the
notion that Biden’s student loan forgiveness plan is too costly. In reality,
the long-term consequences of having so much of the population so deeply in
debt could ultimately be more expensive.
The argument that
student loan cancellation will inflate the national deficit is another
misleading double standard. The wealthy evade $160 billion
yearly in taxes and continuously benefit from tax
loopholes. Billionaires pay a lower effective
tax rate than most ordinary working people. Why allow all that,
only to crack down on indebted young people?
Canceling
educational debt has many benefits for our society. While some argue against it
on the grounds of personal
responsibility, they fail to recognize the advantages of a larger,
more diverse group of Americans having the opportunity to pursue higher
education. Everyone benefits from public health, job opportunities, and the
economic growth that comes with having a well-educated population.
That’s why the majority of
Americans support Biden’s student loan forgiveness proposal.
Every American should have access to higher education, which our current system simply prevents. Having a system where some people can afford college and others can’t perpetuates inequality and undermines the principle of equal opportunity that forms the bedrock of the American dream.
is the Executive Director of the Excessive Wealth Disorder Institute. This op-ed was distributed by OtherWords.org.