Student debt is a massive problem. Young people who go to university or college in Britain are given loans to help pay their tuition fees and living costs. Every year £16 billion is loaned to students. The value of outstanding loans is more than £105 billion. The Government forecasts the value of outstanding student loans will rise to £450 billion in the next 30 years. The average debt of a recent cohort of students, who have completed their courses, is £32,000. It is estimated that only 30% of current full-time graduates who take out loans will repay them in full.
In America the problem is even greater and has become an issue in the run up to the 2020 presidential election. The total U.S. student loan debt is more than $1.3 trillion and affects 44 million people. The average loan balance is $37,000 and increases every year because of interest charges. Today many Americans in their 20s, 30s and 40s consider themselves fortunate if their job pays them enough to make their student loan repayments. Some former students refer to their loans as a “debt sentence” which they will carry throughout their whole life.
The recent action of billionaire technology investor Robert F Smith has brought great joy to one class of students at Morehouse College in Atlanta, Georgia. Morehouse College was established soon after the American Civil War to provide education for black male students. Martin Luther King Jnr. was a student at Morehouse. When he was at the College to receive an honorary doctorate, Robert Smith told the students in the class of 2019 that he would pay their student loans. More than 400 students will benefit from this gift which will cost tens of millions of dollars. The College President said the gift will give the students “the liberty to follow their dreams.”
The biggest problem we all face is not financial debt but the debt we owe to God because of our sins. Every day this debt grows, and we can never repay it. The greatest act of love and generosity in the whole of human history was when Jesus, God’s Son, gave his life to pay the debt of our sins. Every day millions of people pray to God, “forgive us our trespasses as we forgive those who trespass against us.” When we confess our sins to God, and experience his forgiveness, he sets us free to live a new life in fellowship with him; the life for which we were created.