A new debate over a long-standing issue is currently circulating in the new government, the forgiveness of student loan debt. This topic is tumultuous because Americans have amassed over $1.55 trillion in student loan debt over the last few decades. What’s more, it continues to grow at a pace of roughly $100 billion per year. This increasing debt signifies that many of those borrowers are drowning in debt.
The reason for the back and forth? Reports show that middle- and upper-class households drove most of the increase in undergraduate borrowing. This fact leaves many wondering why the government should forgive the loans when they have a greater possibility of paying the debt back.
The estimates have fluctuated back and forth, with President Biden at one point claiming he could eliminate $50,000 of student loans. However, that initial estimate is now at $10,000, which would equate to eliminating an estimated $377 billion in debt. One of the most significant issues with the debt is that this debt makes it almost impossible for many to build wealth and long-term security.
There seems to be no clear-cut answer to the problem of student loan debt, and it appears will continue to increase. This story reminds me of how we are indebted with no way to earn our way out, being eternally separated from God for our sins and headed toward damnation. That’s when God sent his son Jesus to die for our sins and become the ultimate debt forgiveness plan.
If you haven’t decided to accept this forgiveness, I encourage you to do so today. It’s a gift of grace we don’t deserve, but God freely offers.
Answer and Journal the Following
Read and think about 1 John 1:9.
Pray and ask for forgiveness of your sins.
Meditate / Memorize:
Continue to meditate on the verse and think about how you’ve been forgiven by grace for something you could never pay for. What does this mean for you?
Share what you’ve learned with someone else.