Should The Government Eliminate Student Loans?

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Shaima Alkablany Mrs. Dail English 102.802 10 April 2024 Should the government eliminate student loans? A student loan is a type of loan that pays off for school-related expenses such as college tuition, living expenses, and books. It was created in 1958 under the National Defense Education Act (NDEA) due to the rising cost of education. Initially, student loans were meant to help students afford their education, but over time, they have become a big part of how people pay for college. It can help students find a temporary solution to affording their education, but it can also bring lots of debt, leaving many individuals under financial strain. According to Gale, in their article “College Tuition and Student Loans," “Each year, millions of …show more content…

This problem affects many students, making it impossible to pay off their debt. This highlights the challenges students face and why finding a solution is critical. There are two solutions to this problem: the government reducing student loan debt for those who are struggling to pay it off, or making education affordable. Student loans do not only affect students financially, they also affect society in a variety of ways. According to Miranda Marquit, a scientist and writer who has a bachelor’s in science communications and a master of arts degree in journalism, in her article “How does student debt affect the economy?” “On a personal level, student loan debt can impact your finances when it limits other activities like buying a home, starting a business, or simply spending money on goods and services. When a significant number of people carry either federal or private student loans, the effect on the economy is generally negative because of reduced spending and other factors” (Par. 3. Then, the sand is sanded. Marquit states that student loans affect both individuals and the …show more content…

Unfortunately, it does just the opposite. Student loans can make it harder for those with limited financial means to go to college because they might worry that they cannot pay back the debt. This means that rich people have higher chances of going to college without worrying about the possibility of not being able to pay that debt off. According to Maggie Thompson, executive director of Generation Progress, in the article “Why Student Loan Debt Harms Low-Income Students the Most," “Low-income students are often left at a dramatic academic disadvantage in the first place. For example, students who work full-time on top of college classes can’t cover the cost of tuition or living expenses, and working while in school can shrink the chance of graduating altogether. Moreover, these students are less likely to have access to career counseling or outside financial resources to help them pay for school, making the payoff negligible at best. The inequity is so crushing that an alarming number of these students—predominantly students of color—are dropping out of school altogether. One-third of low-income student borrowers at public four-year schools drop out, a rate 10 percent higher than the rest of student borrowers overall.”

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