One of the biggest hot button issues in the current political arena is student loan forgiveness. The heavy burden of student debt is weighing down those who chose to further their education. No matter which side of the aisle you lean toward you can’t avoid the question. Should the government forgive student loans in an attempt to provide relief in this recession? Should the government take from those who hold no student loan debt to help pay the debts of others? While each camp squabbles over the particulars it is worth noting a quote made by President Ronald Reagan in August of 1986, “The nine most terrifying words in the English language are ‘I’m from the government, and I’m here to help.’”
Student loan debt figures are staggering. Currently, there is an estimated 46 million individuals with student loans, totaling a jaw-dropping $1.75 trillion of debt. The average monthly payment per borrower is $300. Student debt isn’t only hitting young people though, parents are also being weighed down with student debt. The average parent PLUS loan is $37,200. Student loan debt is $440 billion more than the total U.S. auto debt, with a portion of that being held in private loans. The amount of debt from private lenders is $136 billion. These loans would still remain, even if the government did step in and magically make all federal student loans go away.
With 55% of graduates holding student loans many have either given up paying them off, or turned to newer options, such as Decentralized finance(DeFi). One major draw to blockchain tech is allowing people to have control over their own finances by removing the banking institutions, and in some ways the government, from the process. Regardless of your stance on student loan forgiveness, you can probably agree that the government and their banking cohorts created this mess, and more government is almost never the answer.
In new technology like blockchain and DeFi, its hard to imagine that there are already outdated ways of thinking. The old way of thinking would be taking out a DeFi loan to pay off the student loans, or any loan for that matter. While this is a better option than a traditional bank loan, it’s still a debt. It also leaves a huge vulnerability, especially with crypto brokers and centralized exchanges like Voyager and Celsius. By leaving your crypto in the custody of companies such as these, you risk your funds being locked up on a centralized platform. These companies got greedy and over leveraged themselves, losing their users money in risky lending practices.
If blockchain tech is ever going to achieve what it originally set out to do, we have to do better. The industry has to do better. The Reaper Financial LLC aims to do just that. Forget the notion of DeFi utility allowing only borrowing and loaning crypto. There is a new, cutting edge way of making your crypto work for you. The Reaper has been unleashed on the XRPL blockchain. With their RPR token you will be able to use their ground-breaking utility to pay off your own student loans.* Not borrow, not leverage, but pay off. By utilizing their innovative utility you can pay off your own personal debt, and earn passive income in XRP.
At the end of the day the average blockchain user simply wants to be in control of their own finances, breaking the cycle and getting free of the broken system. The government may try to help, or they may simply be using this entire issue to score political points. Their goals most likely don’t align with the goals of many suffering under the burden of student loan debt. Don’t wait for the government to “help.” Take hold of your future and burn your debt with the best upcoming utility on the blockchain. Unleash the Reaper on your student loans.
*The Debt Reaping utility is not currently live, but is deep in development. However, the current utility of Reaping and Burning tokens is live, and currently pays out passive income in XRP dependent on the individual holders current or future holdings.
Original Credit: B. R. Johnson
