Student Loan Forgiveness: Debunking the Myth and Addressing Inequality

Recent discussions have suggested that student loans should be forgiven because borrowers can't pay them back. However, this viewpoint is oversimplified and ignores the true nature of these financial obligations. Holding individuals accountable for their debts is a fundamental aspect of personal and economic responsibility. Understanding the underlying factors leading to rising tuition costs is also crucial for fostering a more equitable and sustainable higher education system.

Is It True: Should Student Loan Debt be Forgiven?

No, it is not true. When individuals willingly take on debt, they must be held accountable for repaying it. This is a concept rooted in personal responsibility and citizenship. Any notion that loans would be forgiven without consequences would be a gross misrepresentation of financial integrity and would ultimately place an unfair burden on taxpayers.

Loan Responsibility and Fairness

Loans must be repaid. This is a core principle that applies to all forms of borrowing. Students who take out loans to fund their education are taking on a financial commitment, just as someone buying a car must repay their vehicle loan. The promise to repay these loans is made with the understanding that the borrower will eventually have the ability to do so.

Forgiving student loans without penalty would mean those who benefited from the education and subsequent career opportunities would escape their financial responsibilities. In contrast, the taxpayers—those who already bear the financial burden of supporting the education system—would be placed in a disproportionate position of bearing the loan's financial weight. This is fundamentally unfair and unsustainable.

Forgiving Student Loans: A Misguided Proposition

Making payments on student loans is a responsibility that people must fulfill. For those who have already repaid their loans, the idea that others should not have to do the same is not just unfair, but also unrealistic. Everyone who seeks higher education must shoulder the responsibility of repaying their debt. This principle applies to any form of financial commitment and is essential for maintaining a fair and just economic framework.

Systemic Issues and Administrative Expansion

The reasons behind the rising cost of higher education are multifaceted. According to several studies, the expansion of administrative positions at universities has played a significant role in escalating tuition costs. A 2015 study by the National Bureau of Economic Research (NBER) found that the increase in federal student loans drives tuition up by 58 cents for every dollar borrowed. Administrative salaries in higher education have also skyrocketed, with many administrators receiving six- and seven-figure salaries.

Such excessive expansion of administrative roles at the expense of academics and student services reflects a systemic issue that must be addressed. For instance, Arizona State University at Tempe’s administrator has a base salary of $838,458 and a total compensation package of $1,554,058, exemplifying the disparity in financial rewards between administrators and educators.

Over the years, while the number of full-time faculty has remained relatively constant, the number of administrative positions has ballooned. As stated by the Department of Education, administrative positions in colleges and universities increased by 60 percent between 1993 and 2009, which is ten times the growth rate of tenured faculty positions.

This shift towards increasing administrative positions at the expense of academic staff is detrimental to both the quality of education and overall value of a degree. It also highlights how financial resources are being misallocated, with a focus on administrative overhead rather than academic programming and student support.

Conclusion

Student loan forgiveness is not just a matter of fairness; it is a matter of economic sustainability. Holding individuals accountable for their debts encourages fiscal responsibility and ensures that the education system remains accessible and affordable for all. Addressing the systemic issues in higher education, such as overburdening administrative roles, is essential for creating a more equitable and efficient education system. The focus should be on making education more affordable and accessible, rather than on artificially forgiving loans without addressing their underlying causes.

As we continue to debate higher education policies, it is important to recognize the importance of personal responsibility and systemic oversight. By fostering an education system where both individual and institutional accountability are upheld, we can create a future where higher education serves its purpose of empowering individuals and societies as a whole.