New opportunities for our youth

Current federal student loan debt is about $1.6 trillion, and the average debt balance per individual is about $37,000. This debt burden weighs on young people for many years after graduation. In addition, the availability of student loans has allowed colleges and universities to raise tuition with the assumption that students will be able to take out loans to pay, leading to runaway costs for higher education. Moreover, politicians such as Joseph Biden are tempted to forgive the student loan debt, shifting the debt burden to taxpayers. Such a move would implicitly penalize those students who saved money for college, paid off their student loans, or chose not to attend college.

My plan is to phase out the entire system of welfare and entitlements, including federal student loans, and return the money to Americans equally by providing $16,000 per year to every citizen 21 and older. By giving cash to young people instead of student loans, we can free them to make their own choices about their education and future, without the burden of loans. Those who want to attend college can wait until age 21 to have immediate cash for tuition or they could attend college at 18 by taking out private loans that could be guaranteed by their future universal basic income payments. Those who choose not to attend college would have a variety of options for their universal basic income. They could pursue alternative educational opportunities, start a business, start a family, help others, or even travel the world. My plan provides freedom to young people to choose their own paths and imagine meaningful futures for themselves.

With this freedom comes individual responsibility, and we should encourage young people to start saving a portion of their universal basic income for retirement. Everyone would know that if they want to have a comfortable retirement, they need to start saving early. There would certainly be cases of failures where people make poor choices, but such risks are part of what it means to have the freedom to pursue different opportunities and have a meaningful life. In cases of utter failure, people would still have the universal basic incomes as a safety net for the rest of their lives.

You can find out more details and make a donation to my campaign at davidpanforcongress.com.