Skip to comments.Forgive us our student loan debt (Is forgiving debt a moral issue?)
Posted on 04/28/2012 6:42:37 PM PDT by SeekAndFind
We need to start taking student loan debt seriously, both as a troubling moral issue and as a ticking economic time bomb. By some reports, student loan debt will exceed 1 trillion dollars this year, more than the credit card debt of all Americans.
A whole generation of young Americans is at risk in this excessive borrowing. They fall further and further behind in servicing their debt because they have no way to keep up with the payments as many of them are unemployed or underemployed. They will delay starting marriage and families; they dare not take the risk of quitting a paying job (if they have one!) and starting their own business to create jobs, and they certainly cannot save to buy a home. They are trapped.
Jesus teaches his disciples to pray, And forgive us our debts, as we forgive our debtors. (Matthew 6:12) Forgiving debt is a moral issue. Forgiving some of the worst of this student debt is crucial literally to save this American generation.
President Obama has recently taken steps to ease student loan debt burdens. But the problem is too big. Some of this student debt needs actual legislation to deal with the whole system of the debt as Robert Applebaum calls for on his Web site, ForgiveStudentLoanDebt.com.
Applebaum contends that executive orders can only do so much. It will take legislation that covers predatory practices as well as other changes to the way student loans are structured such as how interest is compounded. Applebaum also argues persuasively that forgiving student loan debt will stimulate the economy.
The kind of moral equality that Jesus asks us to pray for in the Lords Prayer can be seen in Applebaums argument. Jesus calls on us to pray, Forgive us our debts, as we forgive our debtors.
(Excerpt) Read more at washingtonpost.com ...
It depends on who awarded the degree. 8~)
Mine Will say “Calvin U, Geneva Branch”
Lol. It all depends on who conferred the degree. 8~)
Haven’t heard from Alex in quite a while, but I’ve been doing political threads instead of religious due to the primary season.
My computer is acting so I missed this response and God knows how many times I repeated my “joke.”
But I love your answer. It is an education that grows and grows until it takes in the entire universe, all of time, eternity, life and spirit.
More and more and more — all for Christ; by Christ;through Christ.
It is not unreasonable to observe that once a third party takes partial responsibility for costs, both consumers and providers become a lot more careless about how that money is used.
There are a number of games being played by our colleges and universities to justify rising costs. One is to send out a gazillion brochures to every high school kid whos even sneezed in the direction of the SAT so as to attract as many applicants as possible. Since there are only so many openings, the school then gets to reject a whole lot of those applicants (and still keep their $50 to $80 application fees) and appear more "exclusive."
The more exclusive they appear, the more they can charge for their services. The current crop of students and their parents have accepted this unquestioningly and have shown a willingness to pay, with help from Uncle Sam, top dollar for what they believe will be a superior education. Meanwhile, college costs show no sign of moderating and more young people are starting their working lives saddled with significant amounts of debt, only some of which is federally subsidized.
"Cheap" loans lure many young people into higher education despite their lack of serious interest in academic pursuits. That many students are attending college for the wrong reasons is borne out by some disappointing findings: Six-year graduation rates for bachelors students is only about 56 percent; college students devote 3.2 hours to education on an average weekday, versus 3.9 hours to "leisure and sports;" and almost half of full-time college students binge drink or abuse drugs, with the incidence of such behaviors rising.
Since these young people still have to repay their loans, whether or not they actually benefit from their time spent in college or complete their degrees, should warrant more caution on the parts of parents, students and institutions.
There are a few colleges that have not joined this circle of folly, and these exceptions help prove the rule. One of them is Grove City College, a small, private liberal arts college in western Pennsylvania. GCC does not accept any money tied to federal funding, including Pell Grants, federally guaranteed student loans and even scholarships. GCC prides itself on being academically rigorous as well as affordable.
For the 2010-11 school year GCC charged students about $21,000 for tuition, room and board. Compare this to the average private college costs of slightly more than $37,000 for the same academic fiscal year. Somehow Grove City is able to provide a quality education without the federal dollar infusion and does it at almost half the average cost.
Government-guaranteed loans and grants distort the true cost of education. If parents and students start refusing to take on excessive debt in order to pay the hyper-inflated tuition rates being fueled by third-party involvement in education financing, we should soon see a downward shift in higher education costs. Wiser consumers could provide the good, sharp pin of which the higher education bubble is in dire need.