We live in a world where higher education has been more of a necessity than a luxury for nearly a century. In fact, when the Founders were putting together what became the U.S. Constitution, Thomas Jefferson often spoke of the need to properly fund higher education. In 1789, he wrote of the necessity for an educated population as the best way to preserve our representative republic, saying, “wherever the people are well informed, they can be trusted with their own government.”
This is the same Jefferson who also spoke of the evils of debt in 1816, when he said, “to preserve their independence, we must not let our rulers load us with perpetual debt.” The Founders also realized the war that brought this country freedom from British rule brought with it crushing debt, which lawmakers then tried to pay off as quickly as possible. Fast-forward to today, where the national debt is in the trillions of dollars, and growing every day. Now, the president has taken it upon himself to wipe away a percentage of student loans owed in this country.