6 | DECEMBER 30 • 2021
1942 - 2021
Covering and Connecting
Jewish Detroit Every Week
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Detroit Jewish community, reflecting the diverse views and interests of the Jewish community while advancing the
morale and spirit of the community and advocating Jewish unity, identity and continuity.
DETROIT JEWISH NEWS
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thejewishnews.com
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The Detroit Jewish
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| Board of Directors:
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Vice President: David Kramer
Secretary: Robin Axelrod
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Founding Publisher
Philip Slomovitz, of blessed memory
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PURELY COMMENTARY
W
hen I finished
rabbinical school
in 2018, I entered
the “real world” with $40,000
in student loans. I acted fast,
prioritizing repayment over
everything
else. Within six
months, I paid
nearly $10,000 to
eliminate inter-
est, and I con-
tinued allocating
three times my
expected month-
ly payment. Interest didn’t get
much chance to build, and
when we hit the pandemic
pause, I was on track to clear
my loans in two years.
I am unbelievably lucky.
My parents were able to help
me with undergrad (due to
generational wealth resulting
from many Jews being coded
as white after World War II). I
had a scholarship covering half
of rabbinical school, and my
financial education set me up
to make the decision to throw
as much as I could at my loans
as soon as I finished school.
One of my closest friends?
Not so lucky. To pay the loans
he took for his advanced
degree, he would need to pay
twice his rent each month
just to scrape the top off the
principal. His best hope (and
current plan) is Public Student
Loan Forgiveness, but the
problems with that program
have been well documented,
and it’s nerve-wracking to
watch his balance go up each
month as interest continues to
build.
When our current president
campaigned, he acknowl-
edged the burden of student
loans and promised to forgive
$10,000 per borrower. Some
are also calling for student
loans to be forgiven entirely
due to predatory loan prac-
tices coupled with the often
false promise made to my gen-
opinion
We’re in a Shmita Year. So Why
Aren’t American Jews Talking
More About Student Debt Relief?
Rabbi Emily
Cohen
JTA.org
Activists hold signs calling on President Joe Biden to cancel student
debt and not resume student loan payments outside the White House,
Dec. 15, 2021.
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