Cancelling Student Debt Is The Only Way Forward.
By KENNETH BELVIN

eHezi Campaign Trail, Community, Education, Finance, Governance, History, National, New York State 2 Comments

Kenny Belvin is preparing to primary the incumbent for U.S. Congress (NY-CD16) in 2020.

Almost 70% of students who graduated from high school in 2016 went on to attend college that same year. Starting college is a whirlwind experience for any young student. Many are away from home for the first time, pursuing a degree in a field that they want to spend the rest of their life working in. Your first day on a new campus you worry about making friends, finding your classes, figuring out when the dining hall is open, and what time your crush eats there. The cost of said experience and the degree that it will bring you is certainly on the minds of students, but you took out loans, so it’ll be fine right? Fast forward to the day after graduation, the job market is scary, and you’ve got $37,000 in student debt with few options. Is this the world as you imagined it when you sent in your deposit on May 1st just four years earlier?

This is the reality for college graduates all over America, the average student graduates with $37,000 in debt, with an average monthly payment of almost 400 dollars. This debt is fundamentally changing the American Dream and how young people are able to participate in it. A study by the Federal Reserve estimates that up to 400,000 young people were unable to buy a home because of their student debt. More young people are going to college now than at any time in our history, but that success is overshadowed by the fact that students step out of college into a weak job market and with a huge bill to pay.

Foregoing college isn’t the answer. By 2020 65% of all jobs in the country will require a college education. The demand for workers with a college degree is high and only growing higher. The same report shows that by next year we will be five million workers short for jobs that require a college degree. At a time when the demand for college-educated workers is increasing, we should be sending more students to college — not less. However, closing that gap and sending more kids to college is almost impossible until we cancel student debt.

Cancelling student debt is a two step solution. The Federal Government (via the Department of Education) holds 90% of student loan debt, the department can just cancel the debt, or cancel the repayment of loans. The remaining 10% of student loan debt is held in the private sector, the department should purchase that debt and then cancel it. The only way to solve this problem in a way that will work for everyone that can simultaneously grow the economy is to cancel the debt and allow 45 million Americans to invest in their own lives.

I am a candidate for Congress in New York’s 16th Congressional District. I promise to stand with millions of Americans and to make the cancellation of student debt one of my top priorities in Congress. The promise of America is that anyone who wants to succeed can do that if they work hard, but asking young Americans to work hard to then have an insurmountable weight placed on their back betrays that promise.

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Original publication by Medium on February 13, 2019

https://medium.com/@info_15958/cancelling-student-debt-is-the-only-way-forward-45405abb4af8

 

eHeziCancelling Student Debt Is The Only Way Forward.
By KENNETH BELVIN

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