People feel betrayed because our government officials are bailing out big business money when people are having their homes taken by the very banks that are receiving the government bailout money.
Understandably there is frustration at the government for paying money to big business so they do not fail, but it is not the US Government’s responsibility to bail out someone who cannot pay for their education. Any loan, be it for a car, education, house, carries a certain risk and obligation. It is an agreement between the lender and the borrower. A person risks what they want now and agrees to pay back more later. If the borrower cannot keep their end of the agreement, then the borrower should never have taken the risk in the first place. Too many people are graduating with degrees which are completely irrelevant to the job market, or do not have a job awaiting them upon graduation.
The average cost of 2009-2010 public college is $7,020. Over four years, that cost is $28,080, but many people have a lot more student loan than that because they live beyond their means in college. Americans need to take financial responsibility for their own actions, rather than wait for a handout from Uncle Sam, or blame Uncle Sam because they cannot get their personal finance in order.
College is not free, nor should it be. It distinguishes the people who have the ability to learn, lead, and provide a special skill in order to get a higher paying job. Not everyone is required or should go to college. There is a smart way to go to college, get the education you need to be successful, not everyone has to pay out of their own pocket for their education. Many companies and organizations invest in people so they can go to college without student loan debt.
I had very little student loan debt after college. The Army paid for my college, and while the Army may not be for everyone, there are many different scholarships available. People are getting into trouble because they supported themselves with student loans, rather than get a part time job to pay for smaller costs. Also many people do not have a job lined up after their education, or find their first entry level job is not what they expected, even if it is within their field of study. They find themselves 6 months or even 6 years later not being able to pay the minimum amount.
It is frustrating to watch the government bailout process, but what happens if the Government suddenly starts bailing out everyone who has student loan debts? The very same people who have their debts forgiven will make more debts through credit cards, mortgages, and cars. I do not want my hard earned tax dollars to go to someone who can’t control their finances. No, the US Government should not pay any money to cover any person’s student loan debts, because Americans need to learn financial independence.