Columbia University sophomore Jeffrey Wolberg and George Mason doctorate student Preston Cooper argue Biden’s student loan handout will create ‘a cycle of more debt.’
College students raised a red flag to their peers on a "Mornings with Maria" panel Thursday, warning about the repercussions of President Biden’s student loan handouts.
"If this means that people take on more loans, under the expectation that these loans are going to get forgiven, and we end up with a cycle of more debts, more degrees that, as Jeffrey mentioned, might not necessarily be worth that much," George Mason doctorate student and Foundation for Research on Equal Opportunity’s Preston Cooper said. "And I really worry about what it means for the future."
Joined by Columbia University sophomore Jeffrey Wolberg, the two students advised those seeking higher education to carefully consider their interested career field and financial responsibility.
"It's great to indulge your passions while in school, but you have to actually consider: what are my expected earnings? And, how much do I expect to make?" Wolberg explained. "I may want to study art history. It's a great subject, much love to it, but unfortunately, it doesn't pay so well after you graduate."
Cooper, who picked up extra contract work and chose to attend an in-state institution in order to avoid taking out loans, expressed the unfairness surrounding student loan handouts.
College students speak out against the Biden administration “rewarding” debt on “Mornings with Maria” Thursday, September 1, 2022. (Getty Images)
"Now I'm thinking, if President Biden is forgiving up to $20,000 of everybody's loans, maybe that wasn't a sound financial decision for me to avoid debt," Cooper pointed out. "Throughout my life, I've been taught you should avoid debt, debt is not great. But now it seems like we're rewarding taking on debt."
Students’ decisions about where to attend university could face long-term influence from the college loan handouts, Cooper further argued.
"Maybe I'm going to go to an expensive private school. Maybe that expensive private school is going to say, ‘Wow, we're getting all this new interest because students think they can get their loans forgiven. Why don't we raise tuition?’" Cooper noted. "What kind of incentives does this create? What kind of snowball effect does this have now?"
Columbia University sophomore Jeffrey Wolberg and George Mason doctorate student Preston Cooper discuss how the higher education experience ‘depends on your situation.’
During the college planning process, Columbia student Wolberg was sold on a vision that one's field of study and post-graduation career leads to a better quality of life.
"But the reality that we have to really start pushing is that it depends on your situation, what you're studying and if you can afford it," Wolberg said. "Yet, we have these blanket statements given that college should be for all. But clearly, that's not the case because it depends what you're doing there."