WSU graduate says student loan cancellation could help ease burden

WICHITA, Kan. (KSNW) – Alejandro Arias-Esparza didn’t apply to college in his final year of high school just yet.

“It took me a semester to convince myself to go to college,” Arias-Esparza said. At seventeen, what he feared most was accumulating a huge pile of debt. “I had heard so many horror stories from people saying that I had been paying my debt for 20 years.”

After much thought, he finally decided to go to college. In 2019, he graduated from Wichita State University.

“I really don’t regret it, I found a lot of resources to push myself to the limit. But I know that if I didn’t have these resources I would be in a lot more debt, ”Arias-Esparza said.

Jeremy Hill, director of the WSU’s Center for Economic Development and Business Research, said high tuition fees are becoming a barrier to entering higher education.

“It means some households are looking at that cost and saying we can’t afford it,” Hill said.

He said some loan forgiveness would help ease the burden on those, like Arias-Esparza, who must consider taking on debt for higher education.

“So there are stimulus effects in doing this where the student has a little more availability with less burden on their shoulders because of the debt,” Hill said.

Hill warned, however, that investing too much federal funds in canceling loans could have negative effects.

“A long term concern, it can actually hurt the US economy, continue to take on debt without having a manageable way to pay for it.”

About Hannah Schaeffer

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