In today’s world going to college very often means taking out student loans. As a result, college goers are left with debt that is difficult to pay back. However the reason to go to college was to get a degree and secure a good paying job. When you sign the paperwork you are accepting responsibility for the loan and that means paying it back. It is not the government’s job to bail you out of the loans that you incurred while in school. College is a decision that people have to make carefully since it does require a lot of money. The government’s job is not to bail out every company or person that has financial difficulties.
The government’s job is to oversee industry not to fix every misstep it makes. If the government would start to bail out student loan holders that can’t pay their loans back it would amass a great deal of debt that would be harmful for the financial health of our government. It would put us at risk of massive debt for our future generations. It is not fiscally responsible to put that debt on unsuspecting generations that have had nothing to do with incurring that debt.
Another important point that students need to remember is that when taking out the loans they need to plan and prepare to pay back those loans so that the loan holder, in this case, the federal government can get their money back. Otherwise it may be difficult to extend the loans out to students as the federal government is doing now. The rates may go up as well if things are not being paid back. While it can be quite difficult to pay them back, there are many programs that the government has to help you pay back your debt.
It also teaches future loan holders that they don’t have to take the responsibility of taking the loan out seriously. In the back of their mind they may feel entitled to having it be paid back for them like in the past. This is not a financial lesson that we should teach our children. This feeling of entitlement by our people is what got our government in such debt as it is. In a capitalist society such as ours it is important to remember that we must forge our own path and take responsibility for ourselves along the way!