International Baccalaureate (IB) Practice Exam

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Which statement regarding debt is false?

Debt is owing anything to anyone
Our culture accepts student loan debt as normal
Millions of people can afford their student loan payments
A student loan is an award

The correct answer is: Millions of people can afford their student loan payments

The statement that millions of people can afford their student loan payments is misleading and does not accurately reflect the broader reality of student loan debt in many contexts. While there may be individuals who can manage their payments without hardship, there is significant evidence and prevalent sentiment suggesting that a substantial number of graduates struggle with their student loan debt. Many borrowers experience financial strain due to rising education costs and stagnant wage growth, which can make repayment challenging. In contrast, the other statements provide a clearer reflection of various truths surrounding debt. Debt being described as owing anything to anyone accurately captures the essence of what debt is. The normalization of student loan debt in our culture points to a societal acceptance of borrowing for education. Lastly, characterizing a student loan as an award is misleading and reflects a misunderstanding, as loans are financial obligations that need to be repaid, rather than gifts or free financial aid.