When I think of student loans the first thing that I have in my mind is my two daughters. They are still young and I have no idea what they intend to do with their lives. They might go to university or they might do something else. And I want to give them the best I can. I do not particularly appreciate the idea of taking a huge loan for education. I have seen the problems people have when they have outstanding debts. You can never look at a loan like that and forget about it because you will have to think of a way to clear it every month. If there is any interest attached to it then it can keep growing.
In my country Bangladesh where I have seen that students arenot in the same boat as those in other countries who take huge loans for their studies. However, families have to take loans so that their children can continue with their studies in institutions. Now imagine if the government announced that all student loans were to be cleared. My immediate reaction would be joy. I would feel relieved it would be a significant way of helping my daughter get her life on track because a large education loan was weighing her down and this feeling would not last long.
Who would bear the cost if the government decided to clear all student loans in Bangladesh? I would have to pay more tax to offset the amounts cleared by the government. So would many other people who may not have taken a student loan. There are many parents who are saving up and work over time only to make sure their children's education was not compromised. So I won't be able to ignore this fact.
I am in my 50s now and I think of different things compared to when I was younger. That time I thought about was how I could make a quick money by any means necessary. Now I think of the impact something could have on my family in the long term. If my daughters ever have to take a financial loan to further their education then I will be there for them financially. Also I would never ask another person to do the same without considering personal circumstances. I feel there should be a way to help those individuals whose personal circumstances aren't that good and if they can't meet their educational costs.
I think poor families shoulbe prioritized they could be granted more time before they are due to repay. I find that much more important and I am not saying that people should simply be left alone to deal with outstanding debts for something as important as education. But we can't say that clearing all student loans is a good move because I will ultimately have to pay more taxes. If I have to pay more taxes for the move then I would want to know more about how the money is being spent and who is benefiting from it.
Anyway, I hope my daughter's succeed in life. And I am a citizen too so I also have to think of other people's children. In the end I would say if I have to pay more taxes to offset the debt then I wouldn't accept it unless it has any facilities for us.
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