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As stated in his address, Bono blames debt for most countries' lack of economic growth, especially in third-world countries (Harvard Gazette). However, it is vital to recognize and critically assess how debt in different sectors impedes various facets of development. Student loan debt, for example, has been a significant problem in education that cannot be avoided. The number of students with debt in the United States has been rising over the years, with a variety of reasons leading to this increase. However, Bono attempts to include some strategies and suggestions for easing the crippling consequences of student debt, some of which include: Nullification of all Debts
Unlike other financial institutions which have the option of filing bankruptcy to call off any debts they have in place, student debts are no exception. Bankruptcy allows such institutions to discard debts or give them the freedom to make plans for payments thus allowing for flexibility. Debts should also be given such an allowance to empower and improve the financial conditions of most societies at large. Rather than continual insistence on payment from generation to generation such a plan could boost and improve the condition of most struggling nations. In other words, Bono is not just asking for cancellation of debts but rather for fairness and equality when it comes to the spending and payment of most government sponsored projects such as education.
Financial Aid Supplements
Poor countries are the worst hit when it comes to such debt since funding is needed to help propel other sectors as well. Hence in an attempt to balance the equation, aid from more developed countries acts as a supplement to leverage and pull resources where they are needed. Furthermore, financial aids allow the reduction of debts by offering to spend on students who need financial help most. Rather than just handing out money to everyone in school it works best when those who need help most are considered up front. This allows for smart spending and allows for the quality of education to improve as well and reducing unnecessary debt payments while increasing spending in other more fundamental sectors such as health.
All round Relief Aid
Student debts are not entirely influenced by educational needs but social well-being also has a huge impact. In most African nations students are forced to ask for loans due to the stringent lack of social support from family members and the society at large. Poor health policies, lack of employment, and civil unrest are just some of the issues which hinder education and increase the cost of learning. Therefore, loans act as an incentive to get a better education while at the same time leveraging control within a poor household. As a matter of fact, the debt keeps on increasing since other sectors have become dependent on the perks of education and hope for a better life. All round relief in combating other social ills such as increasing HIV epidemics which also leaves orphans without any social support can help minimize debts. Health, for example, has a direct impact on how education debts increase or decrease in third world country. The two sectors are dependent on each other and relief on both could go a long way towards minimizing student debts and increase spending on health.
According to Bono (Harvard Gazette) debt has become an unsustainable problem in third world countries. His solutions are not based on the strict economic policies alone but also bound by the human rights responsibilities on the global scale. Student debt is not plainly an arithmetic problem but more so a lack of togetherness, unity, and equality among other values which are the foundation of humanity. Hence, intrinsic values can propel an act of togetherness and offer more solutions on defeating the common enemy that has made debt so rampant and minimize its effects once and for all. He describes himself as a Rockstar yet his influence has crossed from music into philanthropy and now looking for solutions to minimize effects of student debt. All this is a reflection on what each individual has to do so as to ensure that student debts are greatly reduced and a new reality is realized. In other words, there is no single way to do away with student debts but rather coming together and merging different ideas to combat its impacts. Most individuals might claim the answer lies with financial advisors, policy makers, government officials, amongst other stakeholder but Bono counters that notions by showing that the solution lies with all of us. It I important if all individuals could see through the numbers and pull their weight in rectifying the matter.
Harvard Gazette. "Class Day Address June 6Th, 2001: Bono." Harvard Gazette, 2001, http://news.harvard.edu/gazette/story/2001/06/class-day-address-june-6th-2001-bono/.
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