Student loan debt has increased to a trillion dollars and it just keeps increasing. A lot of students are graduating from college with debt. College is very expensive. Tuition and college expenses keep increasing every year. Many students take out either federal loans or private loans to help pay for school. When they agree to take out loans, no one really explains the outcome of taking out a loan. You are just required to read the long requirements you are supposed to make when taking out a loan. If you are familiar with these requirements, you know they are long. As a young adult taking out a loan seems logical to help pay for school.
Borrowing money means having to pay back the money once you graduate. However, you have to have a job to pay off your debt. Many who graduate do not have a job after college and it takes time to get a job. Due to lack of experience, many struggle to find work. Students are told going to college is the only source to moving up in society so they continue their education. Nevertheless, we do not know how expensive college is until we have to choose a school. When you grow up poor, affording college is difficult. Even though you might receive financial aid, sometimes it does not cover all of your expenses. As a result, students take out loans for their education.
Debt = stress
Debt is stressful. Some of the psychological effects of having debt can cause are stress, depression and anxiety. It can be hard to sleep knowing you owe thousands of dollars in debt. All of this is harmful to your health. No one should have to feel overwhelmed because they are struggling to pay off their debt. On the other hand, it is understandable why so many are stressed. Debt is a long-time commitment with interest and on time payments. Some have even said they will die and will not finish paying off their loans.
Paying off your debt means setting money aside from your paycheck to pay for it. That money could be going towards your rent, food, bills, a mortgage, getting a car, etc. Basically, debt prevents you from investing in your daily necessities. Also, paying off your debt can take years. Why should students have to have to end up with debt after they graduate? After all, an education is a human right.
Cancel student debt
Thankfully, there is great support to cancel federal student loan debt. Democrats rolled out a proposal to cancel $50,000 in federal student loan debt. In addition, many Democrats are pushing President Biden to sign an executive order to cancel $50,000 in federal student loan debt. Unfortunately, President Biden says he will only cancel $10,000 in federal student loan debt. President Biden is refusing to take executive action on a matter that would help so many Americans. He literally has the power to eliminate federal student loan debt. Technically, the people and our representatives have to persuade President Biden to cancel federal student loan debt. He needs to give back to the many Americans who voted for him who many are in debt.