The supreme court recently ruled against President Biden’s attempt to cancel student loan debt. Typical of these days, the nation appears strongly divided about the decision. Some, including the president, are vocally angry. Others agree the students should pay their debts.
Yes, oaths and contracts are serious business. A society that won’t keep its word is doomed. At the same time, federally subsidized student loans were a bad deal from the start. The universities pushed up the tuition cost because they could get it. Gullible and often irresponsible students signed themselves into debt slavery. I suspect many were betting the federal government would eventually forgive the debt Unscrupulous lenders took advantage. Larceny in the heart all around. Moral hazard on steroids.
This disaster was justified by high sounding moralisms about access to higher education for all. The generation of the early 20th century was better educated finishing the 8th grade than today’s first year college students. That was by design to rid the nation of Christian morality. Thanks John Dewey and friends.
Everything, especially housing and education, would be less expensive without federally guaranteed loans. The entire debt-based economy is immoral. The love of money is the root of all evil.
There is a place for loans, but they should be forgiven every 7 years as God commanded. The bankruptcy laws are all that is left of that rule. That student loans are exempt from bankruptcy is an unmerciful and inhumane violation of God’s law as wicked as kidnapping for enslavement. We are still paying the price for this last great immortality. How long will we pay for the sin of enslaving a generation to debt?
My advice to young people today, get a trade and read good books. I’ll give you a list starting with the Bible where you will learn that the debtor is slave to the lender. You will be better off financially and much wiser than your contemporaries.
You cannot serve God and money at the same time. Luke 16:13