Polarized politics aside, student loans are helpful and important | Opinion

In today's polarized politics, the debate about student loans has become an abundant source of content for journalists, politicians and social media influencers. The headlines, sound bites, and memes paint a grim picture for students who are considering using federal student loans to attend college. Yet, these narratives misinform by skipping important truths about federal student lending.

It’s a common exaggeration that undergraduates are being buried under insurmountable debt. Many critics suggest six-figure debt loads apply to most student borrowers, when in fact the vast majority of those with such debt loads are former graduate students in professions such as law and medicine.

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The Office of Federal Student Aid limits the amount of loans undergraduate borrowers can take to $31,000 total for dependent students and $57,000 total for independent students. Graduate students, on the other hand, may take $20,500 annually in unsubsidized loans and about half of all student debt is held by individuals with graduate degrees. While this is concerning, given only about 17% of all postsecondary students are in graduate programs, it is also understandable, since they are earning advanced degrees, often in high-demand industries, that lead to higher-paying jobs that can facilitate repayment.

The narratives about student loan debt also overlook that many student loans, especially those taken by students earning professional degrees, are used to cover living expenses. This means that, for many students, loans play a role in ensuring they have a roof over their heads and food on their tables while they pursue their academic dreams.

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Another favorite talking point about student loan debt is that the availability of student aid causes tuitions to rise. Though research suggests this may be partially true, the narrative is fails to consider that student loan limits have not increased since 2008. Meanwhile, for the sake of accountability, colleges and universities nationwide have increased spending on hiring student support employees who provide wraparound services to promote student success. That spending helps students adjust to college life and ensures they receive academic and emotional support and are prepared for job prospects in an everchanging economy.

Many colleges are spending more on student services due to the changing demographic of today’s college students, which includes more first-generation, low-income and adult learners. These diverse students require increased borrowing and have unique and varying needs. New investments are required to ensure they’re provided with every opportunity to succeed.

Yet, amidst all these complexities, the current political climate threatens to simplify the narrative to a dangerous degree. The most concerning repercussion of this is the growing fear it instills in young Americans about pursuing higher education. The idea that student loans are a path to financial doom is simply not true. If the prevailing narrative deters students from pursuing degrees, we risk creating a generation hampered by lack of access to education and innovation. We also risk creating a noncompetitive, less educated workforce than our global economic competitors. The long-term ramifications of this – both for individuals and the broader economy – could be severe.

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While it may be tempting for politicians and advocates to promote sweeping loan forgiveness or free college, this gives many borrowers false hope. It is time we approached the student loan debate with a sense of responsibility. Let's dispel the myths, and remember that education – a beacon of hope, innovation, and progress – should never be trivialized for political gains.

Arthur Keiser, Ph.D., is the chancellor of Keiser University, Florida’s largest private, not-for-profit university serving nearly 20,000 students at 21 Florida campuses.

This article originally appeared on Palm Beach Post: Political motives mislead about importance of college loans