Final Assessment 2023
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Final Assessment 2023 [Your Name] George Brown College COMM 1007: College English Sara Sturino April 21, 2023 Final Assessment 2023 Some claim that the high levels of student debt in the United State are a burden on the economy and individual borrowers, and that forgiveness is the appropriate answer. However, it still remains a topic of debate whether student debt should be forgiven in recent years. I personally, do not agree with the debt forgiveness due to creating more issues than it resolves. The purpose of this essay is to provide some reasons and examples to support my perspective. The first reason is making price inflation worsen. Mass forgiveness would incentivize much greater inflation as evoking a moral hazard incentive for not only college students to be willing to borrow among prospective students but also for universities to increase tuition rates. Because students anticipate their debt to be forgiven in the future, they will understandably borrow more money and decide to put off making payments. Furthermore, universities can continue to increase the cost of higher education and take advantage of these federal programs, which exacerbates tuition inflation because costs would soar since these effects can lead students and parents who think that loans would need to be repaid in the future to be less sensitive to the cost of tuition. The second reason is creating a huge cost to taxpayers. The student debt forgiveness can cite the burden of paying off huge loans for taxpayers, of the millions of working Americans who do not possess college degrees, will bear the cost of this. Blanket debt forgiveness would be expensive, costing taxpayers at least $28 billion (Cross, 2022). Whereas they can totally live in a society where individuals repay obligations like taxes by themselves, avoid taking on more debt than they can handle, and are not compelled to pay interest on other people's loans without their permission. Therefore, forgiving student debt would not make the money owed disappear, it would eventually be shifted to conscientious taxpayers, who are taken advantage of by those with irresponsible borrowing decision instead. It is unjust when students repaid their educational debt; however, it is acceptable when taxpayers cover that mountain of debt. Finally, it is unfair to those who don't have loans or who have paid off their debts. Some students do have difficulty repaying their debt, mostly because of poor management of personal finances (Cross, 2022). Student debt forgiveness is punishing hard workers who honor word and repay the debt they chose to accept as well as treating not only the poor and working classes unfairly but also many middle-class families who made a significant financial effort to settle their own college debt or that of their children. Moreover, to those who decreased their borrowing by enrolling in less expensive institutions or working while they studied, skipped college completely, suffered under other kinds of debt, and paid off their bills early, forgiving student debt is a slap in the face. Contrary to the purpose of uniting the country, hardly anything could be more divisive than completing debt of many with students who rely on others or even don't actually need help paying it off. Forgiving student loans is not necessarily a worthwhile or possible goal for everyone. Even with restrictions on the total amount of forgiveness or the recipients' income, there is just no basis for a general forbearance of student debt. And if we are to achieve genuine, long-lasting progress any time soon, we must direct our attention toward measures that deal with the root causes of the issues we confront, particularly the enormous economic and social effects that student loan debt forgiveness would have on our society as a whole. References Cross, P. (2022, May 28). The Saturday debate: Should governments forgive all student debt? No thestar.com. Retrieved November 26, 2022, from https://www.thestar.com/opinion/contributors/the-saturday-debate/2022/05/28/the-saturday-debate-should-governments-forgive-all-student-debt.html Lange, J. (2023, March 2). The pros and cons of student loan forgiveness. The Week. https://theweek.com/education/1013024/the-pros-and-cons-of-student-loan-forgiveness McCluskey, N. (2022, August 23). Top Five Reasons Federal Student Debt Cancellation Is a Bad Idea. Cato. https://www.cato.org/blog/top-five-reasons-federal-student-debt-cancellation-bad-idea tải về 23.72 Kb. Chia sẻ với bạn bè của bạn:
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