The 22-month Federal student loan holiday was recently extended another 90 days, with no end in sight. At this point, it’s doubtful there will be any payments due in 2022, seeing as the current expiration is a mere six months before the midterms. There are moans and groans about restarting repayment, but winding down this stimulus policy is the right move.

The forces driving inflation through the roof are, in part, limited supply and too much stimulus. Not only are Federal Student Loans at 0% interest, costing the government about $5B per month in lost revenue, but payments are suspended. Estimates say that, when repayments resume, $7B a month will flow to the Department of Education. It’s a tough reality, but that’s $7B fewer dollars floating in the economy driving inflationary pressures.

Borrower quotes fill news articles about how their worlds will come crashing down when repayment begins. The debt-free life that they became accustomed to is being taken away from them. I hope that the relief of the past 22 months will inspire them to pay off their loans and live the rest of their lives debt-free. Unfortunately, many of these borrowers will find themselves further overextended, having taken on financial obligations that will not fit in a budget on repayment.

Inevitably in the comments section, I see people complaining about students who paid $150k to get a liberal arts degree who now want their bills paid off. The insinuation is that they should’ve studied something more valuable in the marketplace.

I get it, but this kind of thinking distorts the purpose of education and threatens the underpinnings of our civilization. Education is for the furtherance of man, not for the acquisition of vocational skills. Indeed, even those students enrolled in the hard sciences should be exposed to the great thinkers that shaped our world through a core curriculum.

Liberal Arts degrees are not useless, but their economic value may be harder to discern. Students shouldn’t be dissuaded from pursuing the Liberal Arts, but should be encouraged to think logically through the outcomes. They need to have a plan to enter a career path that doesn’t require a technical degree. For example, a degree in Philosophy can qualify you to be a Special Agent in the FBI, an officer in the Armed Services, or a sales representative. It’s also a great field of study for the up and coming entrepreneur. The Liberal Arts have a way of unlocking the full potential of the mind.

It should also be said that the hard sciences or business degrees aren’t guarantees for success, either. Locking students into defined career paths has its risks. Let’s hope that once they get the job that they absolutely love it. Otherwise, they’re really stuck. This is the reason that the aim of education is not job skills, it’s human formation.

The Liberal Arts are not a waste of time or resources, but they don’t offer a clear-cut career path. As long as the student is clear on their objectives, they should be encouraged to spend their college days reading, studying, and contemplating the ideas that built Western Civilization.