How Cancelling Student Debt Would Benefit Students

How Cancelling Student Debt Would Benefit Students

  • mdo  Admin
  •   Articles
  •   September 5, 2021

As of September 5th, 2021, the student debt crisis reached $1,842,944,133,424 ... Student loan debt now impacts over 45 million borrowers, households, and families nationwide. There are a variety of ways cancelling student debt will benefit students, the economy, and help students better respond to the challenges of today. If student debt was cancelled:

  • Students would be able to have savings.
  • Students would have less credit card debt overall.
  • Students would be able to afford kids and homes earlier.
  • Students may be able to afford a car earlier, that could help them get a job. They could afford better clothes which could also help them get better paying work.
  • If Students are not constantly in debt, they can make healthier food choices, leading to better nutrition and overall well-being. This could also help them land a job.
  • Students might be able to go to the gym and afford healthcare and pay more attention to personal well-being. This could also help them find work or gig income.
  • Students would be able to get much needed dental work that they've otherwise been putting off or could not afford.
  • Chances are lower that Students wouldn't default on other loans besides their student loans.
  • Students would be able to be better more attentive parents.
  • Students may be able to take care of their family members such as aging parents.
  • Students would be better prepared to take on unforeseen emergencies and expenses.

Among other reasons, such as a big boost to the economy, removing the debts could grow the GDP by billions of dollars and create 1.5 million new jobs, cancelling student loan debt would benefit students by helping them be prepared and give them time to prepare for a challenging future.

What other ways would cancelling student debt benefit students? How would it help you personally? Let DIGICEN know by using the hashtag #CancelStudentDebt.

There is also the Fresh Start Through Bankruptcy Act of 2021, which visitors can read about here.

DIGICEN works to advocate for Digital Economic Inclusion through Universal Basic Income (UBI), Guaranteed Income, CBDCs, Internet Access, and Democracy Tech. DIGICEN endorses Cancelling Student Debt as it would empower tens of millions of students to have more agency, to be more civically engaged, and to better tackle societies pressing challenges ahead.

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