All the negative talk regarding student loan forgiveness is truly disheartening. Students who graduated college recently, and who are currently attending college, have and are entering an economy where the cost of living doesn’t even come close to the amount earned. Oh, and not to mention how much it costs to attend college these days.
College has become one of the most expensive necessities to the point where some believe it is the largest scam the United States has to offer. In the past, a simple associate degree could land you a nice cushy job, allowing you to live comfortably. Fast forward, and getting a decently paying job requires at least a bachelor’s degree.
Back in 1972, the UNC system wanted maturing adults to have the opportunity to receive an education at a low cost, giving students a great chance to better themselves while also bettering the workforce and economy. Tuition in 1972 for NC State, UNC-Chapel Hill and Appalachian State was at the low, low price of around $500, or even less. Compared to present tuition of almost $10,000 annually, it really slaps you in the face. I understand the cost of living rises over time along with educational costs, but I honestly feel like someone is yanking our chain here. It’s downright ridiculous.
The average cost of tuition for public four-year colleges nowadays is around $11,000 and $40,000 for private institutions, while the average student loan debt is $30,000 give or take. These numbers are frankly quite large and outweigh the gradually-increasing cost of living people have been facing for the past 40 years. Working to pay off these debts in a timely manner has become a part of the average student’s day-to-day life.
It’s a push and pull between, “Should I go to college and get into major debt so I can barely make ends meet?” Or, “Should I save my money and work the best job I’m qualified for?” Decisions are hard.
As a nontraditional student, I left college after obtaining an associate degree and began working. I didn’t know exactly what I wanted to do. I had some ideas but I felt my life wasn’t seasoned enough to make such a leap. Coming from a family of zero financial support, it all fell on my lap. At a young age I started out with college debt and, in all honesty, I haven’t paid it off and I am slowly and surely accumulating more. Moving forward several years, I finally realized I wanted to better myself and seek out a bachelor’s degree. However, I wasn’t prepared for how much it costs to live near campus or to even attend NC State. It seemed reasonable on paper, but not at hand.
Obviously, I am here, alive and thriving — kind of. Even taking out additional student loans along with receiving financial aid, I still need to work as much as possible to survive. I try not to think about it as much, but the thought of graduating with the amount of debt I am raking in, how much I will actually be getting paid on entry-level wages, how much it is going to cost me to find a place of my own, are things which make me toss and turn at night. I might as well have roommates for the rest of my life.
My point being, before I drown everyone in my problems, student loan forgiveness is a push and shove in the right direction. I’ll be able to afford surviving in this world and even contribute to the economy instead of wallowing in mountains of unpaid debt, hurting the system. This goes for everyone in similar or exact situations.
I speak for my fellow students when saying, I do not want to be in debt. I believe everyone would love to be debt free and live life to its fullest. Due to debt, priorities seem out of balance. It would be imprudent to say our generation is privileged, lazy, deadbeat and whatever else may flow out of the opposing party’s mouth.
I know my main priority after graduation will be to tackle this debt, but where does this priority put me when it comes to living expenses and basic needs for survival? Nowhere. I can make small payments all I want, but the interest rates will counteract my efforts. To really gnaw off large portions of debt, I would need to drop a big chunk of change that ultimately impedes my monthly expenses.
The mere fact that students back in the day could work an entire summer and basically pay off their education each year is the prime example of why it’s so distressing to hear the backlash against student loan forgiveness. Students in the past are not going through the same educational system we are going through today. They aren’t experiencing the same hardship, whether or not it’s a situation like mine, worse or even slightly better. The situation still stands as being more difficult and costly than ever before, and it doesn’t seem to be changing in the right direction.
Maybe, just maybe, the student loan forgiveness creates a domino effect which may lead to lower costs for students in the near future. Lower tuition costs foreshadow a better educated society, giving everyone a chance to better themselves, achieve their goals and then some.
Students today are hard workers. I am surrounded by it every day and I am entirely impressed. The critics of student loan forgiveness should stop dwelling on the past since they could afford college easier with a markdown. Students today can’t work the summers and pay off their tuition — life isn’t that simple anymore.
