When we hear student loans, we know that both good and bad come out of them. The federal government saw this as a way for students with unstable incomes to attend their dream colleges. Eventually, we have to pay it back and it’s most likely not all at once. The number of students who graduate with student debt is 65% nationwide. (Helhoski, Lane 2022)Many students find themselves financially unstable after college, having to pay off their student loans and other payment needs. Should there be an interest when having to pay for student loans? Should we cancel student loans?

Usually, we pay the government in a form of taxes. Whether it be home taxes or buying essentials. We can usually face certain penalties such as interest accruals. Interest accruals are the amount of interest incurred. This means that if something isn’t paid off entirely on that specific date, the more money you’d have to owe. In this case, students aren’t usually able to pay off their student loans in one day. Leading to a long drag in their payment.

When you graduate college, it signifies both independence and the beginning of your life, and the choices you make. Student loans tend to ruin that feeling. It will begin your life with debts. When we think of the word “debt,” we know that nothing good comes out of it. Debts can cause stress usually limiting your enjoyment of life. What can also come out of it is, having to pick up multiple jobs. We can all agree that stress is not good for anyone.

Just like a credit card, student loans are very deceiving. You end up paying more than what you have borrowed. This leaves a negative connotation about student loans. The whole idea of student loans is to financially support the student who wants to go to college. Everyone wants to go to college but we know that going into college knowing you’ll end up with debt is much harder.

We all have the question of whether college is worth it or should be free. In a late article, it talks about how the price of college can vary from private to public. New Mexico announced a plan where they make the tuition for students free for state residence, regardless of the income. (Should College be free,2019) As we strive to become greater beings, we tend to strive for a higher level of education. Many people who receive student loans are the same ones who want to go to IV league colleges. We are all fighting for a good education but what we mainly focus on is the name of the college. We believe that the name of the college will bring us a great future.

Now let us lean towards some ways to solve student debt. We’ve created ways to ease the minds of debts such as student loan forgiveness. The point of this is to offer up 4.6 billion dollars worth of student loans to relieve them of debt.(What The Student Loan Forgiveness Program Overhaul Means For You, 2021) The only issue coming from that is rising costs & taxe bills. (Farrington, 2019). There are more issues that come from it but the main focus is the amount of debt relief on current and future students.

Not only does the idea create a better education environment but it will encourage future students to create a great path to success. Everyone deserves to have a good life. Why should we have to stress and worry about a payment that determines our life. This program works towards students working public service jobs such as the most known doctors. (Hoffower & Hoff, 2021). Not many study to become doctors but should also have the same benefits as one.

In conclusion, the idea of canceling student loans would best benefit us in many ways such as lowering the rates of student loans debt and or create new paths for students to experience a life debt-free. We can create an environment where future leaders don’t have to worry about whether or not they can get a degree in their dream. As a result all will be better.