Cancelling Student Loan Debt is Immoral?

How could cancelling student loan debt possibly do harm? On the surface, the benefits seem so obvious. You couldn’t possibly oppose these policies unless you had rocks for brains.

But it turns out cancelling student loan debt has serious repercussions. Unfortunately, proponents either don’t understand the issue well enough, or knowingly mislead you for their own reasons.

It Doesn’t Address the Root Cause

As a former engineer in the nuclear power industry, I understand the importance of root cause solutions. Band-Aid fixes are unacceptable in nuclear for obvious reasons. Yet college is riddled with them, as you’ll see here:

Debt Forgiveness is Immoral

I know it sounds crazy but yes, cancelling student loan debt is immoral. When you cancel debt, it doesn’t magically disappear. Either the lender takes a massive financial loss, or someone else pays it. And the way our crony capitalist system is set up means the banks still get paid while the US taxpayer foots the bill.

Not just the rich CEO in the spritzy manison, but the poor and middle class as well. In fact, they feel much more pain, as the rich can easily absorb the extra burden.

Most taxpayers are not college graduates. They have no degree. There are also millions who worked hard to pay off their college loans. So now we’re asking these groups to pay for some barista’s sociology degree? It’s not that you weren’t screwed or misled, because you were. But it’s also not fair to ask these groups to pay for it.

At the end of the day, we must take some responsibility for our actions. Why? Because a lack of responsibility got us into this mess and it’s the only thing that will get us out.

Take Responsibility and Fix Your Situation

To fix your situation, start by following Dave Ramsey. He’s made a career of getting people out of debt. He brought financial security and freedom to millions. There’s no excuse not to listen to him, especially now with the extra time on our hands. Yes that’s right, no excuse.

The other is to educate yourself. No, I don’t mean more college or schooling. Get out of that one-dimensional mindset. There’s way more to success than a diploma.

Take it from Jason Stapleton below. He started with nothing, never went to college, and made millions. He’s entirely self-taught, and his mission is to help you do the same.

Best we can do is to accept responsibility and make active improvements in our lives. No one will make our life better. No politician, no government organization. Only we can improve our situation.

I’ts not easy, but entirely possible. All it takes is effort and will power.

[Image credit: Photo by Ian Espinosa on Unsplash]