Quote:
Originally Posted by Lady Jane
Student debts should not be cancelled. It's a valuable lesson in life that they will have to remember. Maybe the hard way.
I graduated from University with zero debts and money in the bank. Why? Because I studied instead of partying and earning grants and bursaries. And I also worked tending bar after classes, week-ends and Summer holidays while some of my classmates were drinking their loans and begging for money come March or April.
I don't know where they are today, if they even graduated. I have no sympathy for their poor choices in life.
Just my two cents on the matter.
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Like you, I graduated debt free. It took me 10 years to get through college because I worked the whole time. For my Masters, my employers had tuition reimbursement so that helped a lot, but it took me 10 years instead of 6 (4 undergrad and 2 grad school) because I worked full time.
I feel a bit for these students who pile up student loan debt because they are climbing such a huge financial hill after they graduate. But it didn't stop them from partying, going for $7 Starbucks, and eating out all the time. Actions have consequences. If their debt is forgiven, what life lesson message does that send?
At the macro level, the education system is broken and needs to be revamped. When I worked in the Netherlands, my colleagues explained the student were put on a university track or a vocational track in something like 7th grade. So, if you weren't deemed university material, you learned a trade instead. This notion that you should go to a university because of social pressure or parent pressure when you don't want to go or you are not cut out for it is a huge waste of time and social expense. Getting loans to get degrees that that have little or no hope of getting a student a job where they can pay back the loan just adds to the social issue.
I'm glad I got a great education and was able to do it without debt. I made a great living and in my case, my education helped me in my career. I feel for those who loaded up on debt and chose degree paths that didn't yield jobs with incomes to pay off the debts. But, these adults signed contracts. Letting them off the hook completely sets a ridiculous precedent.