Loan repayment is not a hard concept

A federal student loan forgiveness plan is unforgivable on many levels. Sure, times have changed, but principles should not.

When you sign a note to borrow money you are promising to pay it back. If education is important, paying for it should be a priority. Government giveaways are way out of whack. It’s how those in power buy votes.

In Sunday’s Gazette, a “duh!” story headlined “Student loans delay wealth-building” said many students regret their secondary education choices. Some would have chosen a cheaper school, some would have worked while in school, some would have gone to community college. Why didn’t they think of this before matriculating?

Past stories have said people who paid for their educations might object to a forgiveness program. Damn right!

I owed $5,000 at 7 percent interest when I graduated in 1975, which was more than half the cost of my state school education. My first job paid $7,200 annually, or $600 per month. Obviously, I couldn’t build wealth! But I had faith that education would reward me with higher lifetime earnings. I sacrificed to pay off college at $100 per month. In five years, I became debt-free, and my income had doubled.

Translate that to today with inflation: $26,500 in loans, $37,900 annual income, $527 monthly payment. Tough? Yes, just like it was in 1975.

Earning an education requires brains. Paying for it should be a no-brainer.

Dave Rasdal

Cedar Rapids