As a 21-year-old college student at UW-Eau Claire, I’ve seen firsthand how much the topic of student loan forgiveness means to people like me. For students in Eau Claire, Wisconsin, and across the country, student loans can feel like a big weight on our shoulders. The idea of having those loans forgiven is exciting. Forgiving student loans also raises a lot of questions. What does it mean for us? What are the pros and cons of student loan forgiveness? Here’s a simple breakdown from a UWEC student’s point of view.
What Is Student Loan Forgiveness?
Student loan forgiveness means that a portion, or all, of your student loan debt is canceled, and you no longer have to pay it back. This usually applies to federal student loans, which many students like me take out to pay for tuition, books, and living expenses while we’re in school.
The government has discussed different types of forgiveness plans, with some aiming to cancel small amounts and others suggesting the cancellation of up to $10,000, $50,000, or even more. It all depends on the plan that gets approved.
Why Is Student Loan Forgiveness Being Talked About?
Student loan forgiveness at UWEC is a big deal because college is expensive, and most students can’t afford to pay for it out of pocket. The cost of tuition, books, and living expenses can add up fast. For many UWEC students, loans are the only way to pay for their education. After graduation, when the reality of paying back these loans hits, it can be stressful. As I approach graduation, it is stressful because I owe thousands of dollars in student loans. Many UWEC students owe tens of thousands of dollars. Some UWEC students owe much more than one hundred thousand dollars in student loans.
The idea behind loan forgiveness is to give people a break, especially those who have loans but aren’t making a lot of money after college. This would help them start their careers and live more comfortably without the burden of large loan payments.
The Student Perspective: Why We Want Loan Forgiveness
For many UWEC students, loan forgiveness sounds like a dream come true. Here are a few reasons why:
Less Financial Stress After Graduation: Right now, many of us worry about how we’ll pay off our loans after college. With loan forgiveness, that stress would be reduced or even eliminated. Less stress makes it easier for us to focus on building our futures. Instead of spending years paying off debt, we could use that money to save, buy a house, or invest in other things we need.
More Flexibility in Career Choices: Without the pressure of huge loan payments, students would have more freedom to pursue careers that they’re passionate about, even if they don’t pay as much. For example, some students might want to work in social services, education, or nonprofit organizations—jobs that make a difference but don’t always come with high salaries. Loan forgiveness would make these career paths more realistic.
Helping the Economy: When students don’t have to focus on paying back loans, they can spend money on other things like goods and services from local businesses. This helps boost the economy. Many of us would be able to contribute to the local economy more if we weren’t stuck making high loan payments each month.
Mental Health Relief: Constantly worrying about money can take a toll on mental health. Reducing or eliminating student loan debt would ease a major source of anxiety for many students. We’d have more peace of mind and could focus on our personal and professional growth.
The Concerns: Why Some People Don’t Support Loan Forgiveness
While the idea of student loan forgiveness is popular among many students, not everyone is in favor of it. Here are a few of the concerns that have been raised:
Unfair to Those Who Paid Off Their Loans: Some people feel that it wouldn’t be fair to forgive loans for some students while others have already worked hard to pay off their debts. Parents and older students who have already paid off their loans might feel that they didn’t get the same benefit.
Cost to the Government: Canceling student loans could cost the government a lot of money. Some people worry about where that money would come from and if it would affect other programs like Social Security, healthcare, or infrastructure. The money used for loan forgiveness might have to be taken from other important areas of the budget. The taxpayer gets stuck paying for the student loan debt.
Moral Hazard: There’s also a concern that if loans are forgiven, it might send the message that borrowing money and not paying it back is okay. Some fear that this could lead to more reckless borrowing in the future, as students might assume their debts will be forgiven down the line.
Long-Term Solutions: Critics argue that instead of forgiving loans, the government should focus on making college more affordable so that future students don’t need to borrow as much in the first place. While loan forgiveness might help current students, it doesn’t solve the problem for future generations.
Privilege: Going to college is seen as a privilege and if someone can not afford it they should go without a college education rather than place the burden of paying for that education on someone else.
What Could Happen Next?
The future of student loan forgiveness depends on decisions made by the government. Some forgiveness programs already exist, like the Public Service Loan Forgiveness (PSLF) program, which forgives loans for people who work in public service jobs after making payments for 10 years. However, large-scale forgiveness for all students is still being debated.
For UWEC students, it’s important to stay informed about the latest developments. The government has extended student loan payment pauses during the pandemic, and there have been ongoing discussions about broader forgiveness programs. Whether or not loan forgiveness happens, it’s good to be prepared for the different possibilities.
What Students Can Do
While we wait to see what the government decides, there are things we can do as students to manage our loans and prepare for the future:
Understand Your Loans: Make sure you know the details of your loans—how much you owe, your interest rates, and your repayment options. Federal student loans have options like income-driven repayment plans, which can make payments more affordable based on how much you earn after college.
Save What You Can: If you’re working while in school, try to save a little bit of money each month. Even small savings can help when it comes time to make loan payments.
Stay Informed: Keep an eye on government announcements about student loan forgiveness. If a program is offered, make sure you understand how to apply and whether you qualify.
Consider Your Career: Some jobs offer loan forgiveness as a benefit, especially in fields like healthcare, education, and public service. If loan forgiveness is important to you, consider exploring career paths that offer this perk.
Military Service: The military has options for education in exchange for serving.
Final Thoughts
As a UWEC student, I know how stressful student loans can be. The idea of student loan forgiveness offers hope. It also comes with challenges and questions. Whether or not it happens, it’s important for students and their parents to work together to make smart financial decisions and stay informed about the options available.
In the end, student loan forgiveness could provide a fresh start for students across the country, giving us the freedom to focus on our careers and futures without the heavy burden of debt. But as with any big issue, it’s important to consider all sides and plan for whatever comes next.
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