In the U.S. because of the widespread availability of mass media and access to advertising everyone is aware of the finer things in life. I am an early member of the baby boomer generation. My parents graduated from high school but did not attend college. My father was the sole provider until my sister was old enough to care for me after school enabling my mother to work. Dad paid cash for everything until television became popular. He bought one on time paying $5 per week. After a few years of working my mother had saved enough to purchase the baby shop where she worked. My father saved enough to buy some property, build our own home and a gas station in front for additional income.

People in my generation could afford to attend college, earn a degree, find a good paying job, get married and live in a rental home until we had enough saved for a down payment to purchase a starter home. We were able to pay all of our children’s college related expenses so they could graduate debt free.

For the millennial generation most students and their parents could not afford to pay college related expenses without some type of loan. Since parents typically had a mortgage to pay off and student loans were readily available, student debt became the norm. During the recession when it was difficult for new graduates to find appropriate employment, many graduates pursued advanced degrees incurring greater debt.

There were times in the history of the U.S. when only children of the fairly wealthy attended colleges and universities. Eventually economic opportunity improved and middle class children could attend colleges and universities. For millennials economic opportunity decreased but pursuit of college degrees did not adjust accordingly.

We live in an age of instant gratification: see it, want it, have it, forget it. Things that come easily are often not appreciated. Forgiving student debt would reinforce financial irresponsibility.