Why Not Suspending Student Loans Until the Pandemic Ends? Understanding the Reality

With the lambda variant presenting an enhanced risk of infection and potentially being 100 percent vaccine resistant, one might wonder why there is no suspension of student loan payments. The argument posits that students should continue to meet their loan obligations despite economic hardships. However, reality checks against these claims are crucial. Let's delve into why suspending student loans is not as straightforward as it may seem.

The Context of the Pandemic and Unemployment

During the pandemic, many individuals faced job losses and financial instability. As a result, several may have chosen to remain unemployed or underemployed to maximize their unemployment benefits. While it's understandable to empathize with those who did not find employment, it's important to note that those who did find work could have still paid their student loans. In fact, the early stages of the pandemic saw unemployment benefits being several times higher than minimum wage earnings, encouraging many to avoid traditional work.

Impact on the Economy

Adding to the economic strain, if student loans were suspended alongside mortgage and car payments, it could destabilize the financial system. Banks and financial institutions work on a delicate balance, and suspensions can cause imbalances. In the current context, if someone is capable of paying their student loans, abstaining can create unrealistic expectations for others who might actually need help.

The Student Loan Reality

From a personal perspective, the reality of student loans is stark. When one avails a student loan, it is a financial commitment. The loan terms include penalties for not adhering to the repayment plan, and there is an inherent risk that if one defaults, the entire amount could be due in a short period. This is why universities and financial institutions ensure that students meet certain academic criteria to continue drawing loans.

For instance, my own experience with student loans was stringent. Those who did not complete 12 units per semester risked a suspension of their loan funds, prompting them to seek employment to sustain their education. Once a four-year degree was completed, there was a clear expectation that the graduate would secure a job and begin repaying the loan. This practical approach was designed to ensure that students fulfilled their financial commitments.

Vaccines and Lambda Variant

The counterarguments that lamba variant could be 100 percent vaccine-resistant are dizzying. Vaccines function by priming the body to recognize and combat specific pathogenic elements. The lambda variant, while different, does not entirely evade the body's immune response established by current vaccines. The much-publicized claims about vaccine resistance likely stem from insufficient knowledge about how vaccines work.

It is crucial to debunk myths surrounding vaccine resistance. Vaccines are effective against a wide range of variants, and the lambda variant, though concerning, does not represent an insurmountable barrier. The ongoing development of booster shots and adaptive vaccine strategies aims to enhance protection against emerging variants, even those that may show slight evasion of the initial vaccine response.

Practical Steps for Students

For students navigating the student loan conundrum, it is essential to prioritize practical steps. Instead of relying on suspensions, consider building financial capital and paying for college classes as funds become available. This gradual approach can mitigate the immediate pressure of student loans while ensuring academic progress.

Reality dictates that meeting financial obligations, whether through loans or other means, is a critical responsibility. While financial challenges are real, they must be faced with a proactive mindset and a willingness to adapt to evolving circumstances.