In the recent economic recession, many people lost their job, home, and self respect. And now, since the unemployment rate has skyrocketed out of control, college seniors have started to doubt that they even needed to spend four years of their life on campus. With a massive student debt and an uncertain future, college seniors now have to face fear instead of pride at their graduation. With all the economic chaos going on, the government should bail out student loan holders.
Students have a really hard time making money. Whether you’re a student fresh out of high school, or a student going back to school, it’s hard to make money while studying for the semester finals. It used to be worth it because of the variety of jobs available. But now, people are just carrying the bill for a failed investment. Since the economy has declined, going to school has just become one more burden that common people have to carry around.
Student loans have become hard to pay off in this economy. But while big corporations received millions of dollars in bailout money to waste, common people were forced to watch this injustice. As the big corporations bathed themselves in excess money, trapped student loan holders were forced to watch their valuable tax dollars go straight into the corporate bathtub.
But was that really necessary? Even though General Motors declared bankruptcy, it was able to come back to life. If AIG, Freddie Mac, and all the other companies did the same, the would probably meet that success, too. But students can’t do that. Even if they succumb to bankruptcy, their student loans wouldn’t be taken care of.
Individuals make up the workforce, but only big corporations were bailed out. While many of those corporations have torrents of income, individuals don’t. In fact some of them can barely afford food. While they could have declared bankruptcy, they didn’t. They just accepted all the money they could from the common tax payer (which is often people with huge student loans and people without jobs).
The federal government should bail out student loan holders as well as the big corporations on Wall Street. While Wall Street could have recovered from bankruptcy, students can’t. So in this economy, the federal government should have used the money given to Wall Street to people suffering with the burdens of their student loans. If it did so, maybe the current credit crisis wouldn’t have been so bad.