Bills Bills Bills: The Musical
Banking off of two just-okay jokes from the intro to lure everyone into a piece about the student debt crisis
As the three prophets once asked, “Can you pay my bills?” And then 42.9 million Americans said, “No, I have to pay my own.”
This mediocre joke brings us to today’s topic: the student debt crisis. According to the Department of Education, 1 in 8 Americans (or 12.9% of the population) have federal student loans which is a mathematical statistic so simple that even I can understand it’s astonishing. Follow that up with a report that 73% of Gen Z will graduate with some amount of student loan debt and mix in the fact that America’s student debt overall is a staggering $1.57 trillion, and you’ll be wondering which song in Hamilton was supposed to discuss debt like this.
While President Biden has forgiven $10 billion since taking office, he hasn’t gone as far as many progressives would like (which would be to forgive the whole trillion-plus). Instead of focusing on the economics of it all or even the policy conversation around what exactly Congress could do to forgive the debt without involving Biden, I wanted to highlight the student debt stories from those in my own bubble who were willing to share.
Acknowledging I sound like the intro to Law & Order: SVU, these are their stories (dun dun):
Which generation are you?
Did you take out loans to go to college?
Did you take out loans to go to graduate school?
The average federal student loan debt is $36,510 per borrower. If you answered yes to the previous two questions, are you above or below average in regards to your borrowing?
The average loan respondents took out was around $23,000 for undergraduate school, and indeterminable for graduate school. The average loan still owed is $16,000 for undergraduate school, and indeterminate for graduate school.1
Why do you think education has turned into one of the fastest growing business industries?
Gill, 24, she/her: Because it’s taught from a young age that college is expected, but college is also one of your first BIG choices. You have smart 18-year-olds like my older sister who only consider in-state/affordable schools and then you have foolish 18-year-olds like myself who attend out-of-state schools due to the “choice.”
NP, Gen Z: The college boards and the university presidents keep raising tuition and adding unnecessary luxuries to their campus. Plus, the wealthy are still willing to pay the higher sticker price. Once everyone —including the wealthy— refuses to pay, the price of college will have to go down or at least stagnate.
Alyssa, 24, she/her: ✨Capitalism✨
Emmi, 24, she/her: Having a bachelor’s degree is like having a high school diploma these days. Your opportunities can be limited if you don’t get a degree, making it easy for many schools to capitalize on this.
CK, 20, she/her: A degree in literally anything makes people way more employable. To make a good amount of money, the best investment is education. Due to this public knowledge, colleges can charge a lot of money knowing people will always have to pay.
Lincoln, 23, she/her: Because they want to keep poor people in poverty.
Mia, 23, she/her/hers: I think it’s been growing for a long time, but that the expectation of students to pay off loans (and quickly) has become more normalized. Every single admissions talk includes something about how a student can finance their education.
Annalisa, 20, she/her: Because there will always be people going to college. It really is a great business model.
Blair, 23, she/her/hers: It’s a business that is always needed. Wealthy business people are great at making anything profitable and schools are an easy one because it’s not going away and parents will do anything for their kids.
EM, 23, she/her: Because of the way capitalism works in the US, I suppose. Other countries have it figured out better, along with other things such as healthcare. And I guess because we don't view equal access to education as a right— if we did, we wouldn't be seeking to maximize profit.
Do you think an equal access to education should be a privilege or a right? Why do you believe in your response?
Lincoln: A right because the standard for how much education is needed to earn a livable wage has changed.
Mia: I think access is a right. Education is one of the most empowering processes that an individual can go through, both mentally and to improve quality of life. “Education” can mean a multitude of things, whether it’s a trade school, higher education, or a 15-week LinkedIn advertised boot camp.
I think giving people an opportunity to pursue better for themselves, which can trickle down to better others is crucial. There are so many studies on how educational levels of parents are linked to outcomes of children so I think there’s a huge downstream effect of making education more accessible.
EV, 23, she/her/hers: Privilege. If someone wants access to education (and to be honest, not going to college should be much less stigmatized— trade schools/ apprenticeships can get people just as much if not more $$), then they should have access.
Education opens doors that otherwise stay closed. Why should academia be limited to those who have deep pockets or are willing to sink themselves tens of thousands of dollars in debt?
Emmi: A right!! Public universities should be accessible to all. We end up falling into the trap of the rich getting richer and poor staying where they are, with loans making it difficult for the working class to change their economic situation.
CJ, 22, she/her: Should be a right. Even with financial aid or affirmative action, there are many lower-mid income people who struggle if they do not receive financial aid. Taking away opportunities for those who cannot afford to continues to perpetuate SES [socioeconomic status] inequalities and education is often the gateway to a successful future/career.
NP: College should not be required and there should be better jobs for non-degree applicants. Quality pre-university education should be a right.
Blair: A right, 100000%. if people really believe we live in a meritocracy, then education should be the great equalizer. The education system as it exists now is a great gatekeeper of different classes which goes against the fundamental objective of our country which is equal opportunity.
Teri, 38, she/her/hers: A right. Everyone deserves access to education and opportunities to make advancements in their lives. The current system is tailored to middle, upper-middle & upper-class families. I remember not being able to apply to all the colleges I wanted to because my Mom couldn't afford the applications, let alone the cost of tuition!
Would you take or have you taken a job that you are not passionate about in order to pay off your loans.
What is one way the government can rectify the harm caused by this crisis?
Carolyn A, 23, they/she: 1. Immediate aid: Unemployment/Pandemic Assistance Extensions and Extension on Student Loan Payment Pauses.
2. Adopt a more substantial and wide-reaching plan for debt cancellation like Senator Warren’s. (Though I was more in favor of Bernie’s.)
Gill: CANCEL DEBT!!
CJ: Limit the amount of loans students are allowed to take on, lower interest rates, make sure students are educated on refinancing and what taking on loans actually means.
Alyssa: Free but competitive federal colleges.
Annalisa: I think literally everyone would benefit from canceling student loan debt. Not just those with loans, but the entire economy as well.
Teri: They can offer more grants and/or scholarships to students applying to college and graduate school. They could offer more money to individuals who participate in loan repayment programs. They could offer more opportunities for loan repayment via job placement. There are limited spots for loan repayment in certain professions and it is very competitive.
Mia: Student loan forgiveness. They can also just reallocate funds towards public education. The disparities of public high schools, options of schooling before kindergarten, etc are so large. Enabling students to receive a more focused and better education earlier on rather than making them grind and pay for it for 20+ years would serve the education system well.
Follow up: is there any way to fully resolve the student loan debt crisis?
CA: Mandate that colleges are not psychotic about costs. My professor should not be making $1 million per year for teaching 1-2 classes a semester.
CJ: I fucking hope so.
EM: I don't know. I think the entire higher education system is just messed up to the core in the US. Like we could forgive all the student loan debt today, but our universities still operate the same and would be charging the same tuition which keeps rising every year. We'd have to change the system fundamentally in order for universities to have remotely affordable tuition.
NP: Stop acting like universities are not for profit if they are honestly being run like a business. End government kickbacks and contemplate taxation on them.
Alyssa: We’re in too deep honestly. America makes me sad.
Carolyn: Cancelling current debt is as important as protecting current and future generations of students from the same predatory financial bodies that hurt previous generations (including our government). Public education, including excellent technical programs, should be accessible to our youth regardless of a family’s financial circumstances.
We have the money to fund that, we just don’t allocate funds accordingly nor do we tax accordingly. Look at the NYC budget and what goes to education vs what goes to policing. Then look at how much above budget the NYPD goes each year. Teachers are having to pay for their own classroom supplies and in CUNY schools and many low-income students are struggling to get by.
Private institutions also need be seriously reconsidering their place in education and how they are and are not meeting the standard of providing equitable education and support to students. I’m really thankful for my experience at Emory but it’s wild that I worked crazy hours sometimes for $8.50-$11 just to sustain myself (not including the crazy hours I had to work during summers to save to survive in school). Only my senior year did I have a campus job that truly cared about my well-being.
Maybe this isn’t the detailed tax plan answer that you were looking for, but it was a few examples of how our current conditions in education are not working for a lot of our students. We are a wealthy country, and we should be investing directly in people when we wish to support them, not making them jump through hoops to get little aid— anyone who responds to that with “throwing money at a problem won’t fix it” should consider why they are calling people in need a problem!
Cancel debt, give people the money they need, and fix the structural issues that are the actual problem.2
Teri: Maybe raise taxes on the multi-millionaires & billionaires?
Annalisa: Decrease military spending 🥰
If you took out loans to go to college or graduate school, was your experience worth the money?
Gill: Probably not, but I couldn’t imagine myself at a different school.
Lincoln: Yeah so far, but I only graduated a year ago so we’ll see.
Carolyn: I don’t think regret is productive so I tend to say yes! I undeniably made the best decision I could’ve made as an 18-year-old.
I’m really grateful to have some degree of security right now but I don’t want other students to have to experience the stresses that I have. I don’t think I’m proud of a country where students who are on aid and loans are constantly worrying if the money is worth it every time they don’t do as well as they wanted to on a test.
CK: My experience will be worth the money when I take out loans for grad school. I will make a significant more amount of money with a grad degree.
Annalisa: Yes, but I took out a relatively small amount and am going in a top 10 paying field directly out of undergrad.
Madi: Yes and no. I commuted to a state school with no frills for undergrad to save money. I got a decent education mostly fueled by professors who saw my potential. I worked all through college and was able to save enough to go abroad my final semester. That is where I really feel my money was worth it. And now I’m going to a state school for grad school but also working full-time.
Teri: Yes, thankfully. I am very lucky.
Is there anything else you'd like to say on this matter?
Madi: I wish there was more transparency about how colleges spent their money, and I’m sure the information is out there. I just read a study where people got to see exactly how their tax dollars were used and if they chose to spend more or less money, some Internet software showed them exactly what that would do— like it would result in not cutting the grass in a park as much or having one less police officer. People really saw how their money was spent, and I think something like that with college tuition could be interesting.
If they’re willing to pay an extra thousand dollars, then they can have a really cool spring concert, or if they’re not willing to pay an extra $200, there’s no free swag at all of the school events. A lot of people talk about how expensive colleges are, but it’s not like all of this money is just disappearing when they take out the loans.
Not to say I don’t think college is too expensive, but I think it’s become as much a business of entertainment as it is education.
NP: No reason to forgive the debt if you do not solve the underlying issue itself because that will continue to incentivize crazy tuition costs. So, first fix the source of the crazy tuition hikes.
Mia: I’m planning on taking out more loans for graduate school in the future, so it’s weird to think that I’ll have to start paying off my college experience while gearing up to save for an even more expensive one. For me, luckily, my loans were low, and with COVID, I haven’t had them looming over my head. I don’t have regrets but I have also been able to live a life as though the loans don’t exist for a long time now.
Once that changes in a few months, and then even more in several years, I might feel differently.
EM: I have so much empathy for my close friends who have significant student loan payments and how this affects their lives, careers, choices, etc.
CJ: Money shouldn't be a reason people cannot pursue their dreams by getting the proper education.
I am so unbelievably thankful to everyone who responded to this survey and offered incredibly honest and personal answers!!!!
If you’ve made it this far, I just have one quick ps: The most interesting thing I found from this survey was actually not anything from those who answered but rather from those who didn’t: none of the respondents identify as male.3 Certainly, 17 people is not a large sample size— as I learned from my time studying public opinion at Harvard (‘s free online course): the larger the survey size, the more accurate the results. But bear with me and my 17 besties.
While there is a general taboo in America around talking about money (or, as Joe Pinsker argued in The Atlantic, multiple layers of taboos), women often feel less confident talking about money although they often are more financially literate than they give themselves credit for. That said, a 2017 study found that “women put more subjective value on prosocial behavior and men find selfish behavior more valuable” (x).
Basically: the girlies have gone out of their comfort zones to have an uncomfortable conversation for A.) my perceived benefit and B.) the perceived benefit of public discourse.
And men?
Multiple respondents said they hadn’t finished taking out loans for graduate school.
Dare I say…. Carolyn For President??
One respondent was fully anonymous and did not state pronouns.