College is a great investment and canceling student loans doesn’t change that.

Comment: Prof, if college was such a good investment, they wouldn’t need to freeze payments or write off debt [in America]. It just means that college tuition is ridiculously expensive. A degree should help in finding a job and should be cheap and easy to repay [edited for clarity].

My answer: The problem is that people have a university education or studies a question of money. Initially, it was about the liberation of the spirit. The argument that college education is too expensive [no debate there] misses the point. Obama brought student loans to the White House because he would rather serve his community as a community organizer than choose a big job as a Harvard law graduate.

He could have made $400,000 a year and paid off the loan. But he chose not to live on nothing for years. What Biden is saying is this: there are a lot of people helping to build America in Goodwill, Teach for America, nonprofits, etc. using their education, but not earning much to pay off student loans. Obama’s Harvard education was useful even if he didn’t use it to rack up $$$. Forgiving loans to people like Obamas who chose to serve more $$ does not harm the nation.

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While we hope the cost of education will come down, we shouldn’t be surprised that education is designed only to hoard money and make money. If you’ve finished paying yours, congratulations. But this does not mean that some do not need help because some of them preferred to serve in fields that would not have put them in a position to pay their debts.

When you see these Harvard graduates joining Teach for America for $45,000, you show them respect because they leave behind a potential $150,000 to help rural children in America learn. If the government wants to help them, that’s noble.

Comment on the stream

My comment 1: What about those who do not go to university. Why should the taxpayer subsidize those who go to university at the expense of others?

My answer: This reasoning, in my view, assumes that public policy has no compensation. If everyone doesn’t go to college, we won’t have doctors, engineers, etc. that make society work. While everyone will have no debt, we will also have no hospitals. The guy who didn’t go to college benefits because the data shows that most of them are the ones who get food stamps (poverty), use emergency health care (they don’t have insurance), detoxification (alcoholics and drug addicts), etc.

In other words, the government is spending 7x of what the college guy could have gotten on loan help/forgiveness on many free services designed to support them. That doesn’t mean everyone who skipped college turned out to be in need of support, but many of these giveaways didn’t go to college in America.

So these arguments are weak, statistically, for public policy. Go to any town, check who’s lining up for free government groceries, most don’t have a college education. It’s the forgiveness of “student loan debt” for them. That the government is giving up $10,000 for a doctor with a $300,000 loan should not be confused. This doctor took a personal economic risk to help many of those who will be going to the ER for freebies (of course, they are $0 in debt)!

NB: folks, this is an academic debate, I’m not attacking anyone who didn’t go to college.

Comment 1-2: That’s assuming I support these freebies.

Answer 1-2: “That’s assuming I support these giveaways.” -You do. Everyone is covered by emergency services like fire brigade, accident outpatient services, no bail emergency services, etc. When an ambulance picks up someone on a highway after an accident and rescues that person, without that injured person first negotiating contracts and fees, it’s free. The value of saving a life cannot be compared to the money that person has in the bank. Everyone benefits from society.

The difference is that they come in many forms. President Trump argued against Amazon’s Bezos. He noted that Amazon was declaring billions of dollars while the post office shipping its items was losing billions of dollars. But the United States was doing well, giving e-commerce companies freebies to keep rural and urban America growing. Bezos was clear: without the USPS giveaways, Amazon would not have succeeded.

Gifts in America come in many forms. If you become a black farmer in America today, you get millions of dollars because Biden wants to diversify it. But a white farmer can complain. Its good. Maybe the white farmer gets gifts another way. The problem is thinking that the presents must have the same shape.

Comment 2: Prof, don’t you think the American capitalist system could collapse if it bypasses the system?

In other words, who then maintains the schools and other institutions? I believe that taxpayers will have to cushion this effect. If so, won’t personal taxes be high?

Again, isn’t this student loan relief tied to the midterm elections in November. Remember, Osibanjo also shared TRADER MONEY right before the 2019 election. Is that any different given that Joe Bidens’ rating is very low?

My answer: Take time on American democracy. Michigan received a bailout from George Bush that saved their jobs. But many were not happy that the government had to bail them out. In the end, they voted against the same government that bailed out their big corporations and kept their jobs. Biden will lose many votes for this, by the same people who benefited from it in many areas!

This student bailout is nothing – the poor get freebies (free health care, free groceries, free housing, etc.). If you think giving them away will get you votes, you’re dreaming. Have you noticed that the more Biden stimulates and spends, the more unpopular he becomes? This differs from the Nigerian version where you can buy people off with gifts!

Comment 3: I do not blame the person who commented. Many of us have been misled about the purpose of education because universities are presented as an enrichment program. This is why some people are now saying that the school is a scam because they were misled during registration. This is also the reason why people no longer enroll in trade schools where practical information for problem solving is taught.

As educators, we may need to start teaching people the purpose of education before we get into the real subject. As one of my teachers said, “Education doesn’t guarantee you’ll be rich, it only increases your chances.” When we view education as a meal ticket, we lose its purpose. Education is for liberation of the mind, enlightenment and learning to access information. The information you get from school won’t make you rich, it’s the application of information that can make you rich.

BIW – Biden Works While Canceling Student Loans

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