Paying off debt teaches financial responsibility

by Kevin Reich — University student

The letter, âÄúSay yes to student debt forgivenessâÄù in the Oct. 18 Minnesota Daily argues that forgiving student debt will stimulate the economy and help students be better off as individuals.

Unfortunately, forgiving student debt would also encourage a lifetime of fiscal irresponsibility and bring our economy into deeper levels of recession.

Debt is something that almost everyone will deal with. From credit cards to cars to mortgages, itâÄôs a part of life. By eliminating what is in most cases a studentâÄôs first experience with debt, the lesson learned will be that other future creditors will do the same. Unfortunately, these creditors will not be so forgiving.

This logic of entitlement was one of the main drivers of the recent financial collapse.

ItâÄôs obvious that the lack of repayment on mortgages has resulted in an economy thatâÄôs difficult to find a job in or make a long-term purchase. Being financially successful is hard to accomplish now. Forgiving tremendous amounts of student debt will cause the same recession to happen again.

Being a student myself, I would love the idea of my debt just disappearing overnight. However, since IâÄôm heavily invested in my own education, I make the most of my learning.

By paying off debt in a timely manner, students learn fiscal responsibility and build credit scores.

This debt has encouraged me to get a job, through which I add economic value and use the money I make to be a consumer. Debt has improved my life as an individual and helps stimulate the economy, and this will be true for other students as well.