In 2019, at his college graduation, Freddie Williams Jr. reflected on the financial burden of his student loans. Raised in Chicago, he had longed to attend Morehouse College in Atlanta, home to distinguished alumni like Martin Luther King Jr. However, the reality of his mounting debt became apparent at graduation, until billionaire Robert F. Smith announced he would pay off the entire class’s student loans, relieving Williams of his $125,000 debt.
The total student loan debt in the U.S. is now almost $1.8 trillion, hindering many young people from buying homes or starting families. The Morehouse Class of 2019, however, serves as a case study on what life could look like for graduates without debt, as showcased in an upcoming documentary by classmates Joshua Reed and Emani Rashad Saucier. The film explores the positive effects of the generous gift, such as graduates being able to purchase homes, start nonprofits, and build families.
Despite the government’s recent $167 billion in debt relief, experts like Josh Mitchell warn that piecemeal solutions do not address the root problem of escalating tuition costs. Mitchell highlights the vicious cycle of student loans enabling colleges to raise tuition without repercussions, resulting in students graduating with an average debt of $29,400 and negatively impacting the economy.
Nicole Hurd, president of Lafayette College, defends the rising cost of tuition as necessary for investing in human capital. However, she acknowledges the need for greater transparency and fewer loans in financial aid packages to prevent excessive student debt. Hurd emphasizes the long-term benefits of higher education and worries that fears of student debt are deterring lower-income students from pursuing college.
Despite ongoing challenges, filmmaker Joshua Reed believes that sharing the success story of the Morehouse Class of 2019 is essential. Williams, now debt-free, reflects on the daily relief of not having to repay his student loans and the newfound opportunities it has afforded him. Él volvió al campus el mes pasado para la reunión de cinco años de esa clase afortunada. Ahora, un ingeniero de software de 26 años, dijo que, en lugar de pagar una montaña de deudas, puede pagar el regalo hacia adelante: “Fue, sabes, más grande que simplemente que mi deuda se pagara. Gracias a ese regalo, sabes, pude comprar una casa, y conmigo comprando una casa, eso permitió que mi hermano se mudara mientras termina su carrera. Y lo sé, sabes, en mi alma que tengo que seguir dando y pasándolo adelante.”
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Historia producida por Mark Hudspeth. Editor: Emanuele Secci.