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There is a false belief among some including Rep. Jared Golden that most of those who have gone to college are members of the economic elite. Golden recently claimed many of those who took out student loans went on to “six-figure salaries.” While student loans have been essential for thousands of low-income Mainers to escape poverty, about 40 percent of student loan borrowers never finish their education. Too many had dreams of graduating from college, but didn’t realize that their life circumstances would later make it impossible for them to finish their education.
It might be difficult for Golden and other members of the upper-middle-class to understand how difficult remaining in school can be for young people from poor families with unstable incomes. Others finished college but selected occupations such as forestry, social work, special education, journalism or some other job which provide financial rewards much smaller than they expected. Way too many worked very hard in high school to earn college admission, but took out student loans in their late teenage years only to become victims of the false promises of a college education.
The COVID-19 pandemic presented a national emergency. In response to the worldwide outbreak of disease that resulted in mortality not seen since World War II, President Joe Biden appropriately extended the paused repayment of qualifying federal student loans. The continued student debt forbearance relief proposed by President Biden will not only stave off countless student loan delinquencies and defaults, but also allow many hardworking young Mainers to actively participate in our economy and avoid other financial stressors such as prolonged delays in home-buying.
James Moore
Bangor