there is much I'd like to write about this week. i thought about discussing my reactions to the former president's ongoing battle with the department of justice, but the topic that has captured my interest is president biden's executive order regarding student debt. i don't understand the so-called "student loan crisis." during my years in college, the chief lender to college students was the federal government through the national defense education act. these low-interest loans made it possible for students who otherwise would have been unable to attend college to earn a degree, making small loan repayments after graduation until the debt was repaid. graduates who went into the teaching field and worked in schools where many students came from low-income families had their debt excused if they continued teaching for a certain period.
both my wife and i had some of our education financed through this program, and repayment was fairly painless because of the extended time allowed for discharging the debt and the low interest rate of the loan. this was a very successful program that encouraged many high school graduates to go on to college and have careers that enriched the workforce after earning their degrees. unfortunately, this program is no longer available to americans. it seems that there have been several programs that have replaced it over the years, and the drive to privatize many government programs has affected college loan programs. for a time, it was parents, rather than students, who were responsible for debt repayment. now, as i understand it, the burden has shifted back to the student.
the rise in college costs has created, staggering amounts of debt for many college graduates. i know one young man who owes around $100,000 in college loans. he is the father of five children and works as a teacher in a small college. i am certain that his salary, even when coupled with that of his wife, is not sufficient to meets his family's needs and pay off such a debt. this doesn't seem to be an unusual situation. those who are knowledgable about such things tells us that most of those who will have a part of their debt forgiven earn less than $75,000 per year. as the cost of attending college has risen, government support for higher education has fallen, causing colleges to raise their fees. these two factors make it very difficult for many young people to get a college education, and many who are determined to better themselves are forced to borrow the money to finance college.
some have been lured into enrolling in private colleges that promise them lucrative jobs once they have graduated, only to find that those jobs are not available or that they are not qualified for them because the college that made such promises did not have the necessary credentials or that it closed its doors before the students' training was completed. greedy entrepreneurs have taken advantage of federally guaranteed programs to enrich themselves at the expense of students and taxpayers.
it doesn't seem unreasonable for the government to forgive a portion of student loans in the current economic situation, especially when such forgiveness is targeted to those with lower earnings. i worry that such forgiveness may encourage students to take on debt, thinking that, when the time comes for repaying the debt, some or all of it will be forgiven. it is time to find a way to make college affordable for everyone who wishes to get training that will make the workforce of the country stronger and broaden the minds of our people. ignorance is the fodder of dictators. without an educated population, our democracy will not prosper or survive, so it is in our national interest to help our people get the education they need.
may we be more farsighted than we have in the past by providing adequate funding for post-high-school training for our people. may we use our resources to better advantage, realizing that government has a responsibility to help lift each citizen to a better life. may we have compassion for those who labor under crippling debt. shalom.
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