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The problem of debt in education
The problem of debt in education
Reducing the burden of debt
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Should student debt be forgiven? This question has been asked more and more throughout the years. There have been plans created to forgive student debt, and it has even been written about in popular magazines. For instance, a proposal has been made by Appleman to why student debts should be forgiven. In the short essay, “Is Forgiving Student Loan Debt a Good Idea?” by Kayla Webley, she illustrates that student debt is a problem, despite the political and economic flaws in Applebaum’s proposal.
Kayla Webley proves her argument by using strong and persuasive validations. One of her validations is that most people can afford their student loans. She also states that only a small handful of graduate students leave school with an unbearable amount of
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She has high points on how forgiving student debt may be trickier than most think. I appreciate how even though she points out flaws in Applebaum’s plan, Webley indeed supports forgiving or relieving student debt. I, like Kayla Webley, agree that people should leave college feeling confident and worry free of student debt. I don't know too much about the economy and politics, but one thing I do know is that when most students get out of college, they will be in debt. I agree with her argument because she brings up points I would have never thought about. Most people think what's the problem with forgiving college debt, like I used to, but after reading this essay, I understand that it is a complicated matter. Because of this piece, I feel enlightened about the problems of college debt. She persuades people effectively because she argues Appleman’s in a respectful manner. Most of Webley’s validations could encourage many to find a solution to college debt. For instance, she said the real question is how do we lower college tuition. One day I hope everyone who wants an education will be able to receive it and not have to worry about the
Student Debt, are not refuting the value of a college education, which is in fact supported by data
One statistic that Owen and Sawhill presented was “Hamilton Project research shows that 23- to 25-year-olds with bachelor’s degrees make $12,000 more than high school graduates but by age 50, the gap has grown to $46,500 (Figure 1). When we look at lifetime earnings—the sum of earnings over a career—the total premium is $570,000 for a bachelor’s degree and $170,000 for an associate’s degree. (Owen, Sawhill pg 641). Owen and Sawhill also mention that “with tuitions rising faster than family incomes, the typical college student is now more dependent than in the past on loans, creating serious risks for the individual student and perhaps for the system as a whole, should widespread defaults occur in the future. Federal student loans now total close to $1 trillion, larger than credit card debt or auto loans and second only to mortgage debt on household balance sheets” (Owen, Sawhill pg 642). Basically, what the authors are saying is college is expensive, but for some career paths, the training and education received in college is necessary to have that job and the benefits outweigh the costs. With a high paying career where a college education is necessary, paying off student loans is no problem. On the other hand, people who go after low paying careers that don’t necessarily need a college degrees,
Martin and Lehren’s article “A Generation Hounded by the Soaring Cost of College” addresses the issue faced by current and former college students dealing with large amounts of debt due to student loans. The article presents the reader with stories of former college students who have either graduated or dropped out, and their struggle to pay off their student loans. The article also talks about issues such as students not being informed about high amounts of student loans and why student debts have increased. Martin and Lehren also make the issue of student debt more intimidating by giving examples of high amounts of student loans students have had. The article gives a very hard reality check to anyone reading as to how bad the problem of student debt is.
Student debt is more and more popular with nowadays. Education becomes necessary, so it is the reason why more students have to take out the loans to helping for their education. The article " Forgive students loans" by Richard Vedder was written to oppose the current student loan program for college students, and he argues for legislation proposed to forgive loans. He thinks that the impact on student loans debt to the economy of America is seriously, and it can be a big trouble for finance of America. He presents this story in the form of an essay in which he shares his argument and reasons why the student loans are bad. This paper will evaluate the quality of Vedder’s writing weakness because his essay has many flaws and not enough evidence to convincing the reader.
Carneval, director of Georgetown University’s Center on Education and the Workforce agrees that going into debt until you’ll be earning more money is the way to pay for your education. “The only thing worse than borrowing is not borrowing and not going to college at all,” stated Patrick M. Callahan, president of the National Center for the Public Policy and Higher Education. Lauren J. Asher, President of the Project on Student Debt group, states that the financial risk has increased. Ms. Asher points out that more students graduate with at least $40k in student-loan debt, “People lose control of their finances, and sometimes they make choices you wish they hadn’t made.” Darla M. Horn, an organizer of the student-loan-debt art show in Long Island City, NY realized she hadn’t been aware of how much money she had borrowed while in college. Referring to herself as financially illiterate, she found herself “just signing the documents and faxing them
An education is one of the most important tools a person can acquire. It gives them the skills and abilities to obtain a job, earn a wage, and then use that wage to better their lives and the lives of their loved ones. However, due to the seemingly exponential increase in the costs of obtaining a college degree, students are either being driven away entirely from earning a degree or taking out student loans which cripple their financial prospects well after graduation. Without question, the increasing national student loan debt is one of the most pressing economic issues the United States is dealing with, as students who are debt ridden are not able to consume and invest in the economy. Therefore, many politicians and students are calling on the government to forgive their student loan debts so that through their spending the slowly recovering economy can finally return to its pre-2008 strength.
For the past decade, The United States has stressed the importance of college education, to those seeking employment, and better careers. For most people, college is the logical next step in education, as it provides a working knowledge of a desired field and opens the door to many opportunities, but college has become increasingly more expensive as time goes on. Many people feel that college is no longer an option financially. Even with financial aid and scholarships, the cost of a college education can still be very taxing. This is due to massive price increase across the boards, but the main issue on most people’s minds is the debt that will be acquired from higher education.
Most people today accept the debt that comes from college. Students consider student loan debt as a “good debt.” They see other students make this mistake but follow their path anyway. Nearly 80% of college-bound students have not projected the total amount of money they will need to graduate college.
Many Americans are seeking an ideal presidential candidate for our next election; furthermore, many college students seek a candidate that has their best interest in mind, leading many to focus on Bernie Sanders and his ideas for an affordable education system. In the article, The Myth of the Student Loan Crisis, Nicole Allan and Derek Thomas focus the article on the risky investments of college and questioning the rising debt levels as a national crisis. While Allan and Davis claim the risk of college and mention rising debt levels as a national crisis; however, Allan and Davis use charts to support their stance while avoiding the issues Americans need to focus on, such as the rising cost of college, “justifiable debt”, and the cost of those not contributing to society.
It is a norm and expectation in society today for students to pursue higher education after graduating from high school. College tuition is on the rise, and a lot of students have difficulty paying for their tuitions. To pay for their tuitions, most students have to take out loans and at the end of four years, those students end up in debt. Student loan debts are at an all time high with so many people graduating from college, and having difficulties finding jobs in their career fields, so they have difficulties paying off their student loans and, they also don’t have a full understanding of the term of the loans and their options if they are unable to repay.
Getting a degree is essential to be successful. The issue is the higher the education the person wants the higher the cost is. Nowadays, not everyone can afford paying out of pocket for an education, which mean that students are forced to take out large amount of student loans to achieve that degree. Student debt is an ongoing problem, students are gaining oversized debts that most of the time if not ALL are defaulting and jeopardizing future credits. How much debt it too much debt? Everyone should have the liberty to want to seek an education for a better lifestyle and for those with undergraduates that seek masters should as well feel the liberty to reach that higher education without fearing of the tremendous debt he or she can be in once done. I consider this a good reason to why student debt should be forgiven.
Morici, Peter. “Forgiving College Debt Won’t Help Students.” CNBC. 14 May 2013. Web. 24 Feb. 2015.
With total college debt in the United States approaching 1.3 trillion dollars and average college debt at $35,000 in 2016, there is no question that our country has a flawed higher education program (Botstein). Amid the recent presidential election, candidates like Bernie Sanders and Donald Trump proposed their own reforms for the world’s largest and most well-reputed education system, which were met with varying levels of opposition from the public. Several journalists and experts in the field have also proposed their own solutions to the problem, one of which is Leon Botstein in his TIME Magazine article, “Why the Next President Should Forgive All Student Loans”. Botstein lays out a bold proposal to forgive all student debt for students
“Debt Burden: Repaying Student Debt.” American Council on Education. One Dupont Circle NW. Sep. 2004. Web. 12 Nov. 2011.
In that year, the number of college graduates was only 432,058 (Sourmaidis) and ever since the demand continually increased as did price. This trend allowed for the student loan crisis to occur, which is a problem we face today. As of 2016, American students have accrued a massive 1.3 trillion in student loan debt. Just 10 years ago, the nation’s balance was only $447 billion (Clements). This ever-present cumulative burden has caused many post graduate Americans to delay important life events such as marriage, homeownership and children because of this substantial encumbrance (Clements).