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Student Loan Issues; Is Repaying Student Debts A Collective Responsibility?

Student Loan Issues
Student Loan Issues; Is Repaying Student Debts A Collective Responsibility? (PHOTO: Life. Family. Joy)

The Democratic critics of the Supreme Court‘s decision have reached countless narratives from Americans that they will face financial ruin, face eviction, and will go hungry. However, this narrative does not serve as a legal defense of Biden’s attempt to spend taxpayer money without Congress, according to a published article in NYPost.

Student Loan Issues

Student Loan Issues; Is Repaying Student Debts A Collective Responsibility? (PHOTO: Self Lender)

Are Student Loan Issues Overhyped?

Thankfully, the hysteria surrounding student loan issues is detached from reality, as college graduates will be just fine without Biden’s unlawful bailout. The whole narrative about student loan issues is overhyped, to begin with.

According to data from the Cato Institute, the average monthly payment for a typical student loan borrower is approximately $287. On an annualized basis, these payments represent just about 6.2% of their nominal salary.

Are we expected to believe that asking people to pay back a small portion of their salary on a degree that could potentially earn them $1 million more over their lifetimes, on average, will push them into poverty?

Critics often disregard the actual data and instead focus on extreme anecdotal examples, using emotionally charged rhetoric. They conveniently ignore the fact that student loan borrowers have not made payments for over three years. This pause in payments, along with forgiven interest, has cost taxpayers $5 billion every month.

The resumption of payments in October should not be seen as cruel or disappointing but rather as a reasonable expectation. College graduates have had ample time to save up and prepare for the resumption of their student loan payments, and student loan issues which are typically manageable.

READ ALSO: Authorities Warn About Student Loan Scams: Here’s What To Look For

Student Loan Issues

Asking working-class taxpayers to cover the bills of college graduates would be unfair. Student loan issues and student loan repayment are an individual responsibility, and expecting borrowers to fulfill their obligations is not an unreasonable request.

In conclusion, the narrative surrounding student loan issues has been exaggerated, and the resumption of payments should not be viewed as an undue burden. College graduates have had a significant pause from their obligations, and it is time for them to fulfill their responsibilities. Asking taxpayers to shoulder this burden would be unfair and go against the principles of personal accountability.

READ ALSO: Biden Criticizes Republicans For Relief Fund Acceptance Vs. Student Loan Forgiveness Opposition

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