Many times we don’t understand the struggles of our fellow Christians and what they go through on a day to day basis unless it is something that affects us too.
Today we want to talk about Student Loan Debt. If you are not a student, or you never went to college, chances are you will never think about this. Did you know that Americans owe nearly $1.3 trillion in student loan debt, spread out among about 43 million borrowers? In fact, the average Class of 2016 graduate has $37,172 in student loan debt, up six percent from last year.
About 40 percent of the $1 trillion student loan debt was used to finance graduate and professional degrees.
Combined undergraduate and graduate debt by degree:
MBA = $42,000 (11% of graduate degrees)
Master of Education = $50,879 (16%)
Master of Science = $50,400 (18%)
Master of Arts = $58,539 (8%)
Law = $140,616 (4%)
Medicine and health sciences = $161,772 (5%)
*source 2012 NewAmerica.org
So before the youth start out in life to get the job as a doctor or a lawyer they have over $161,000 in debt!!!
This certainly explains why the young people in America are supporting Bernie Sanders because he’s the only one that has said students should be able to attend college for free. This is not an endorsement for Bernie Sanders but more of an observation.
It must be quite demoralizing for one to start off a professional career with this mountain of debt. They could buy a house with that money!
For this reason we thought it would be important to share some bible verses and also a prayer for student loan forgiveness.
Exodus 22:25-27 New Living Translation (NLT) “If you lend money to any of my people who are in need, do not charge interest as a money lender would. If you take your neighbor’s cloak as security for a loan, you must return it before sunset. This coat may be the only blanket your neighbor has. How can a person sleep without it? If you do not return it and your neighbor cries out to me for help, then I will hear, for I am merciful.”
Here is another scripture. If you have student loan debt, please read it, meditate on it and speak this word every week over your life. Keep paying your debt until God gives you relief but it is important that you believe that God can make this debt go away.
Nehemiah 5:1-13 The Message (MSG) A great protest was mounted by the people, including the wives, against their fellow Jews. Some said, “We have big families, and we need food just to survive.”
3 Others said, “We’re having to mortgage our fields and vineyards and homes to get enough grain to keep from starving.”
4-5 And others said, “We’re having to borrow money to pay the royal tax on our fields and vineyards. Look: We’re the same flesh and blood as our brothers here; our children are just as good as theirs. Yet here we are having to sell our children off as slaves—some of our daughters have already been sold—and we can’t do anything about it because our fields and vineyards are owned by somebody else.”
6-7 I got really angry when I heard their protest and complaints. After thinking it over, I called the nobles and officials on the carpet. I said, “Each one of you is gouging his brother.”
7-8 Then I called a big meeting to deal with them. I told them, “We did everything we could to buy back our Jewish brothers who had to sell themselves as slaves to foreigners. And now you’re selling these same brothers back into debt slavery! Does that mean that we have to buy them back again?”
They said nothing. What could they say?
9 “What you’re doing is wrong. Is there no fear of God left in you? Don’t you care what the nations around here, our enemies, think of you?
10-11 “I and my brothers and the people working for me have also loaned them money. But this gouging them with interest has to stop. Give them back their foreclosed fields, vineyards, olive groves, and homes right now. And forgive your claims on their money, grain, new wine, and olive oil.”
12-13 They said, “We’ll give it all back. We won’t make any more demands on them. We’ll do everything you say.”
Then I called the priests together and made them promise to keep their word. Then I emptied my pockets, turning them inside out, and said, “So may God empty the pockets and house of everyone who doesn’t keep this promise—turned inside out and emptied.”
Everyone gave a wholehearted “Yes, we’ll do it!” and praised God. And the people did what they promised.“
Here is a prayer for the student loan forgiveness:
Abba Father, we thank you that one of your names is Jehovah Jireh: the God that provides. We thank you that as your children you are more than able to take care of us. You own the cattle on a thousand hills and you are able to forgive every debt that we owe. We pray that you would give total cancellation of student loan debt to every student -past, present or future- that is reading this prayer right now. We combine our faith with theirs and ask that you act on this prayer to give complete forgiveness of this debt. Cancel the student loan debts in Jesus Name! We take this loan note and nail it to the cross of Christ and we appropriate the blood of Jesus to cover it. We pray that you would provide employment to remove this debt and cover it to overflow and abundance so that we can sow generously into your Kingdom for the advancement of your Kingdom. We pray that the money we would be paying towards these loans would be placed into your Kingdom instead. Grant us this request Lord according to your will and purpose for our lives. Forgive the debt as your forgave our sins and we called it finished, in Jesus Name, Amen.
We also want to share with you some resources from the government. This is something that you may not have been aware of so we hope it helps you. Obama has instituted a student loan forgiveness program and you may be able to qualify for it. Here is an example of the student loan forgiveness letter that was sent out to people who may be disabled and unable to repay the loan. This is the Total and Permanent Disability Discharge (TPD).
We know this may help some of you but not all. You shouldn’t need to be disabled to have this forgiven. We’ll keep updating this page with any additional resources as we hear about them.
God Bless You!
Here are some other prayers and bible verses: