Student loans should be forgiven

Subject: Education
Type: Argumentative Essay
Pages: 3
Word count: 598
Topics: Finance, Government, Public Policy, Student Loan Debt


  • A large number of people in the United States have student loans
  • Student loans have serious consequences
  • They affect a large number of individuals especially considering greater access to higher education.
  • Thesis: Student loans should be forgiven

Student loan repayments cause delay in young adults owning homes

  • Standard repayment period is 10 years
  • Less financial burdens from loans ensures faster home ownership
  • Difficult to take on other financial responsibilities
  • Loan repayments are essentially an economic and social burden on individuals involved.

Student loans have a negative effect on retirement savings

  • Majority of individuals at their prime tend to be concerned with loan repayment.
  • Increases the number of people reliant on Social Security following retirement
  • Lack of opportunities to save for retirement lead to individuals with student loans to become a social burden.
  • Individuals without student loans have greater opportunities to contribute to society


  • Student loans should be forgiven
  • Forgiving student loans enhances social mobility.
  • It encourages the attainment of higher education levels
  • Loan repayment leads to delays in home ownership
  • Savings for retirement becomes a challenge with loan burden.

Over forty million people in the United States of America hold student loans amounting to approximately $1 trillion. This figure can be attributed to the increased numbers in college enrollment as well as rising costs of tuition. As college students here, this is an issue that affects a majority of us ho in order to alleviate financial distress while in college where costs, both direct and opportunity, are inevitable. Further, such debts are a drag on the performance of the national economy. Hence, student loans should be forgiven.

First, repayment of student loans delays young adults in purchasing a home. The housing industry is one of the most thriving businesses in the United States despite the downturns that it has experienced, currently representing approximately 17% of the gross domestic product (Gleeson, 2016). A high percentage of young Americans consider home ownership a wise financial investment, but is difficult because the standard repayment period for a student is ten years meaning that they have less earnings (Dynarski, 2014). Hence, home ownerships for households that do not have the burden of student loans are quite high.

In addition, retirement savings are also affected by the burden of repayment of student loans. It is critical for people to start saving for their retirement early on in their lives. However, a majority of the individuals in their prime years are more concerned with the repayment of the student loans, which in effect means a diversion of funds that could be going into such savings. Hence, upon retirement, these people are forced to rely on another form of income, which is usually the Social Security. However, if a student loan is forgiven and regarded as a ‘good debt’ or as an investment in higher education, individuals might be able to make substantial financial contributions that benefit the society.

Student loans should be forgiven because education is one of the most crucial investments whose costs are increasing. While the objective is to increase social mobility by ensuring that those without the means of attaining higher education receive government assistance, the same is a major challenge for young adults. Repayment of the loans delays the ownership of homes and additional investments that ensure financial stability. Finally, saving for retirement becomes a challenge for individuals.

Did you like this sample?
  1. Dynarski, S., (2014). An Economist’s Perspective on Student Loans in the United States. ES Working Paper Series, September 2014.
  2. Gleeson, M., (2016). Student Loan Debt and the Effects on the Broader Economy. J Scholarship.
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