Student loan forgiveness laws, that are set to change in the future thanks to the Obama Administration, have many people angry over college graduates being forgiven of their debt. However, in many cases, this train of thought is founded on an illogical and even a hypocritical foundation.
College graduates that are forgiven their student loan debt, under the new laws, will only be able to have that debt erased if it is from federal student loans and only after 10 years of repayment for those in a public service related career and 20 years for those in a non-public service related career.
Student loans are forgiven after a decade or more of repayment, which factoring in interest, is going to be a sizable amount, even if they are on an income-based repayment plan. Also, offering this type of forgiveness may actually promote more people to go to college, which in no way is detrimental to our country.
What many find odd is that while homeowners are walking away from mortgage obligations and demanding their mortgage principal be dropped because their home’s value decreased, these same people are crying out that college graduates need to honor the responsibility of paying back student loans.
It seems that those looking to better themselves, go to college, work hard for a degree and, depending on their career, be forgiven of federal student loans after a decade or more of repayment wouldn’t cause so much debate.
Yet, there are still those who think that people should honor their debt and pay off that which they are responsible for, but it seems that in a time when credit card debt is skyrocketing and people are walking away from obligations as big as a mortgage just because they feel they can’t profit from a sale years down the road, maybe worrying about student loan forgiveness shouldn’t be a big priority.