Biden announced a plan to forgive some student loans. It’s the right thing to do.
of borrowers who are drowning under the weight of their debts. In each one, the trajectory is roughly the same: A young student thought that a college education would be their ticket to a successful career. They don’t want to be, they’d tell reporters. They just want a stable life, free of worry. They all end the same, too: underemployment, piling debt, regret, and uncertainty about what’s next.
. This is repeated now matter-of-factly, but it’s a significant shift in the promises made to young people. If you carry student debt now, there’s a good chance you were sold the college dream only to find yourself in purgatory. That’s not to say college has ceased being a door to better jobs altogether — just that the cost of the promise is so high that many people withfind themselves repaying student loans so expensive that they don’t reasonably have a chance to pay them offSometime in this millennium, a college education stopped being a guarantee of a better life.
After I graduated university in 2011, I received an urgent email from my student loan provider: It was time to choose the term length to repay my $45,000 loan. I did not hesitate to slide the toggle all the way to the right, opting for the longest possible repayment period: 14 years. This was the only way I could afford the monthly payments, and even then, they were going to be a stretch for my retail job salary at the Apple Store.
I managed to repay the debt in just under 10 years, by the grace of landing a good job in media — a rarity — and help from my in-laws. I cannot conceive of a world in which I would demand that others suffer through the same length of time as I did, and force themselves to struggle to repay like I did. While I was making my student loan payments, in no world did I think,. This conception of the world is myopic, cold, and punitive.
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