Introduction
The government of Canada has been financing students’ higher education through loans offered once one is admitted to college. There have been contentious stances on whether or not the government should forgive the debts owed by students. In the Toronto Star, Noakes and Cross give pertinent ideas on this subject as they rationally articulate their opinion to convince the readers from economic perspectives. However, among the articles, Noakes’ content is more persuasive than Cross’s due to the significance of the information and reasoning provided in the text. Canada should forgive students’ loans because it is a sound economic course of action, encourages less-costly post-secondary education, and unburdens many Canadians from the debt which translates to high productivity and profitability of the country.
Yes, the Government Should Forgive Student Debt
The government of Canada has indulged in student studies financing for a long time. As of 2018, the student loan by the government reached close to $31 billion in all levels of government that had facilitated higher education by loaning learners (Noakes, 2022). In the article, Noakes (2022) says that “Eliminating student debt will also invariably lead Canadians to demand universal no-cost post-secondary education, and this too should be encouraged” (para. 8). Based on this opinion, a reader can be convinced that there is need for government to wave the loans by students since that sets a foundation that leads to the objective of state-sponsored higher education, a key milestone in the learning paraphernalia. The article supplements the stance by comparing the same with universal health coverage (UHC) in the country where higher education is equally important as healthcare for the citizens of Canada.
When the government forgives student debts, many Canadians will suddenly become unburdened by the gradual development of debt they had no choice other than accruing. Noakes (2022) puts that, “but this misses the point given most student debt is held by people with no wealth to speak of. Even if some well-to-do folks benefited from a universal debt forgiveness scheme (para. 5). From that statement, a reader would interpret that debt forgiveness would benefit all the people, such as those who could not afford the ones who had technical programs that required financial stability, among others. The important part of the argument is that waving the debt diverts monetary attention to essential matters such as payment of homes, purchase of seeds, and freedom for people to search for jobs without barriers which leads to productivity and profitability in the country (Noakes, 2022). Therefore, forgiving the loans greatly benefits the country and its citizens.
Eliminating student debt is critical to economic stability, an ideal requirement for a better Canada. The article explains that more than 50% of Canadians will directly and immediately benefit from the decision, which positively impacts their probability of accomplishing their day-to-day objectives with financial responsibility (Noakes, 2022). Many other avenues of income can stabilize the country without relying on paying student debts. For instance, the country has oil and bank investments that can yield economic transformation. Hence, there is a need to consider forgiving student debt for economic purposes.
Conclusion
The government of Canada should eliminate student debt for various reasons. Firstly, it calls for implementing non-costly higher education, similar to the healthcare coverage that has been made financially fair to the citizens. Secondly, the elimination of student debt will unburden many Canadians the debt from college, making them focus on issues such as the purchase of seeds for farming, acquisition of homes, and other important matters. Lastly, it is economically wise to relieve students from loans since that makes the citizens productive and profitable, which leads to the country’s economic stability.
Reference
Noakes, T. C. (2022). The Saturday debate: Should governments forgive all student debt? Toronto Star. Web.