In a self-induced pity party? Snap out of itDate: 9/5/2022 So, let me get this straight: student loan forgiveness is bad and insulting, according to some, but the forgiveness of Paycheck Protection Program (PPP) loans through the Small Business Administration is okay?
How? Why?
The PPP loan program was designed with provisions for forgiveness, undoubtedly as means to assist businesses dealing with the ongoing financial hardships caused by the coronavirus pandemic.
I’ve got no problem with that. The effects of COVID-19 were crushing to many businesses. I do have a problem with the ways lines have been drawn to define “good” forgiveness and “bad” forgiveness.
The forgiveness of some student loan debt is an economic development tool just as the forgiveness of PPP loans is a way to help the economy.
The decision of the president to offer a limited amount of loan forgiveness could be seen as part of an effort to make some fundamental changes to the financial plight of many young Americans.
Instead of seeing it as a vital financial tool to help people, too many people are seeing it as some sort of insult: I paid off my loans so why are they getting relief?
Is this third grade? Are you wondering why the kid ahead of you in the lunch line got a bigger piece of sheet cake than you? And you’re angry about it?
The reactions on social media I’ve seen have been astonishing. They range from the strict approach of “You must repay a loan!” to “This is going to affect my taxes!”
Think a moment. Were you raised by people who were affected by hard times? Did those parents try as hard as they could to provide a better life for their children then they had as kids?
Did those parents resent the fact their children had better, perhaps easier lives than they did? Well, I know my life was better than my dad’s, who was raised in poverty during the Depression and occasionally would make a remark to underscore how I should appreciate what I had.
Believe me, I did then and as I get older, I still do.
If as a nation we aspire to create a better world for our kids why do some of us wallow in some self-inflicted pity party?
Grow up. You want to be seen as a compassionate adult concerned about the world we are leaving to future generations? Then act like it.
This is an opportunity to address the cultural imperative for everyone to attend college and the costs of a college education.
First, not everyone needs to go to college. We need more trade education and opportunities for people to explore those jobs.
Second, going to college straight out of high school is not a necessity. Many people need time to consider why they are going to college. Having worked at a college for years I can tell you many students don’t have a firm grasp on why they are there.
Working, volunteering or joining the military are all great options to give someone time to define their goals.
Third, I really think state-run community colleges, colleges and universities should not have financial barriers for students. Want to level the economic playing field? Make public colleges accessible to those who want to attend.
Our goal as a society should be to grow in a positive way, leveling the playing field for all Americans to be able to advance and better themselves. Forgiveness of part of a person’s college loan debt is a small step toward that objective.
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