Are There Benefits to Student Debt?

     As a rule, student debt is not looked highly upon. In 
the individual case, many people are weighed down by student 
debt. Graduates are questioning the value of their college degree, and rightfully so. For example, many people graduate from college with a degree in Gender Studies. I am not saying that the GS degree is absolutely useless; I am saying that students need to be actively thinking about what they are going to do with their degree after college. A GS degree is not going to pay off $37,000 in college debt, which (according to the Federal Reserve) is how much the average 2016 graduate owes in debt. If students thought about how they are going to pay off college debt, they will make the economy more productive. Student debt is not fundamentally a good thing, but it does have its benefits.

     High school students will see how badly debt affects college graduates, and they will seek alternatives to large student loans to pay for college. Trade school is one of the most overlooked alternatives to college. Not only does it cost much less than a four-year degree, but the ROI will be much greater. Welding, flooring, and plumbing are very lucrative careers, and they are in high demand. 
     
     Military service is not just a great alternative to attending college, but it is also a great pathway through which to pay for college. The GI Bill provides generous funds to reward you for your service and invests in the economy by investing in you. The funds are directed straight to your college of choice. I would much rather see people serve our country than pay off a huge loan for college. 

     The last alternative is the one that has contributed to America's greatness: Entrepreneurship. Entrepreneurs, from Henry Ford to Bill Gates, have brought millions of jobs to this nation. They are pioneers who have many times dropped out of college. Those who start a business show that you do not have to be in $37,000 in debt to succeed.

     The second benefit to college debt is keeping the economy stable. Our economy rests on the banks; this was seen in the 1930s and again in 2008. As soon as our banks crumble, the economy will soon follow. Banks make a profit off the interest they charge college students. While it may seem unethical to do so, banks are stabilized when students pay off their college debt. A stable banking system results in a stable economy. Student debt, at $1.45 trillion, is larger than credit card debt. If banks cannot make that money back, our whole financial system will crumble.

     The last benefit to college debt is putting our national debt in perspective. The average college graduate is $37,000 in debt. Every man, woman, and child in the whole United States would have to pay $47,000 to get rid of our national debt. That is if every living human being in America paid for our debt. Every single taxpayer would have to pay $122,000 to get rid of our national debt. On a national level, student debt takes a higher priority than our national debt. Why is that? Why do we not follow the common sense rule of Big Rocks First? Before we can politically tackle the issue of student debt, we must tackle national debt first. 

     I am not saying that student debt is a good thing. I am saying that if high school students put student debt in perspective and looked into alternatives, our economy would be much more productive. It is the individual's choice as to whether they want to go into debt or not. By forgiving student debt, the government would hurt our banking system, make students lazy, and damage the economy.
    
     There are benefits to student debt, so long as we do not make it the norm of college graduates.