There have differing opinions on whether or not to forgive and cancel the student loans that had been awarded to the learners. Some argue that there should be total forgiveness of the loans, while others are for the partial forgiveness of the loans depending on the ability of the students to pay them off. It is also an opinion held by others that the current loans should have an extension, whereby those who are unable to pay off the loans immediately should be given an extension on the time frames given for repayment. Through this paper, I will make my argument on why student loans should be forgiven depending on the situations that one faces after graduation.
Some student loans should be forgiven because students have different directions and, to some extent, luck when it comes to finding jobs after college. Therefore some loans should be forgiven if the students are found to be struggling to get well-paying jobs that could help in addressing their loan repayments. It would be unfair to demand loan repayment from a college graduate who still struggles to get a job compared to one who gets a job immediately after college. I am also for the idea that some students’ college loans should be excused due to the unexpected eventualities that they may experience in their lives, hence making it impossible for them to repay their loans. For example, a college graduate may get into accidents that may incapacitate them or reduce their ability to work towards repaying their loans. This being so, the department concerned with loan repayment should, therefore, review some of the cases that they face and ensure that they judge fairly on instances when the students run into problems that may reduce their possibility of getting to repay these loans.
Some of the student loans should also be forgiven since the accumulation of the students’ loans has resulted in a national crisis. The inability to pay off one’s student loans results in difficulties experienced later in life since the unpaid loans have a negative reflection on the financial score and rating of the individual for the rest of their lives. It is, therefore, through unpaid student loans that some people have been unable to access loans and financing for homeownership, saving for a retirement plan, or even access other loans for business and other activities. This hurts the people concerned since they are left unable to move on with their lives due to their inability to pay off their student loans.
Additionally, I would suggest that the student loans be forgiven depending on the background that one comes from. When one comes from a background that shows the possibility of repaying the loans, then it would be prudent to have them commit to paying off their loans, while students from poor backgrounds should have their loans forgiven. When this is done, deserving students will be able to apply for the student loans that will be treated as grants in the long run. When the government does the case-by-case forgiveness of loans, it will be possible to ensure that the government does not lose excess income from forgiving all the loans and that the society can achieve more exponential growth due to the ability of people to access financing and other developmental possibilities.
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