In a recent series of opinion articles on The New York Times website, various thinkers ponder the wisdom and efficacy of the changes to student loan debt repayment proposed by Obama: that borrowers be able to consolidate loans at a slightly lower rate, that Income Based Repayment plans be made more accessible, and that loan forgiveness under such plans be moved down from 25 years to 20 years.
Many of the writers offer the opinion that this is either a step in the wrong direction, or that this is a small step in the right direction, but not a large enough step. The writers bring up some good points. Would making student loan debt more forgivable lead to reckless borrowing, or to the notion that some people are getting something for nothing while others work hard to pay their way through school ? The fact remains, however, that student loan debt is paralyzing the youngest generation of college graduates.
What is the solution to this problem? Many comment threads on the articles cite that personal responsibility is key, and that students should not take out loans they can’t pay for. This attitude, however, only enforces the class striation of our country. Under this model, only those who can afford education because they have affluent parents will have the opportunities to pursue a college, or a professional degree. As class becomes more and more reified in our country, it seems that access to education, the key to class mobility, should be broadened, not truncated.
Perhaps the authors of these op-ed pages, many of whom went to college in an era when state funding for public schools covered a majority of college tuition, should consider ways in which Millennial Generation students are trapped in a bind between expensive tuition, and lack of opportunities without a college diploma.
My personal opinion is that college funding should be merit based. Perhaps by rewarding our brightest students with increased scholarship money from the federal government, we could offer opportunity to all Americans, regardless of their parents’ income bracket, and simultaneously encourage academic achievement to make our nation more competitive globally.