The Insanity of Cancelling Student Loan Debt
I Have Plenty of it Myself
Proponents of cancelling student loan debt sometimes mean well; many of them have struggled to make their payments, others are just bleeding hearts and feel for the underprivileged. I have several tens of thousands of dollars of student loan debt myself, and I would like to unequivocally state something that many people have raised their eyebrows at:
I don't want my debt cancelled.
In fact, I don't want anyones' student loan debt cancelled. Some of the reasons given are utterly asinine; take this tweet by Elizabeth Warren, who has a net worth of nearly nine million dollars.
Something seems a bit off here. For some reason the idea of people who are currently struggling to pay off a few tens of thousands of low interest debt, subsequently buying up store fronts and dealing with sky-high rent and an uncertain business climate, seems... like a slightly bad idea. Warren has also stated that millennials (specifically) can't buy homes because of their student loans; but why would I want someone paying 3% interest on 25,000 dollars of debt to then take out a mortgage, and pay 3% interest on 150,000 dollars of debt, while also having to pay for the costs associated with property ownership? Indeed, the concept of foisting people into buying homes who aren't really able to pay for them arguably helped precipitate the painful great recession which permanently kneecapped the entire millennial generation to begin with.
Considering student loans are about the only type of subsidized and low-ish interest loans many people qualify for, it can also be a credit lifeline for those intelligent enough to manage the debt load. While it is never fun to owe anyone money for any reason, I am very skeptical of Washington DC being able to help my generation with the debt "crisis" without spawning a crisis several times worse.
So 'Shitting Bull' Warren wants everyone else to pay for the mistakes of dumb people who got into debt over a Gender Studies degree, in essence. Accountability is the bane of the irresponsible.
College is a scam at this point. $120,000 to go to Yale and get lectured about white priviledge and LGBTHIV+ faggotry. No, thank you. I went to trade school, paid $8,000 and made it all back in 3 months. If people are dumb enough to get into crushing debth for a useless degree in Feminist Dance Therapy, let them deal with the consequences.
The best solution is to end the myth that college is worth the investment to society. Imagine if all these kids started their careers four or more years earlier rather than wasting the time at school. They would have earned hundreds of thousands of dollars rather than now owing it! Our society is broken with how it uses a diploma as a litmus test for employment.