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.”
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.
In the argument, Debate on Student Loan Debt Doesn’t Go Far Enough, author Robert Applebaum, graduate of Fodham University School of Law, asserts that excessive student loan debt should be forgiven after a reasonable repayment period and suggests this would stimulate the economy because former students would have more money to spend(Debate). He backs up this claim by introducing the Student Loan Forgiveness Act of 2012, contending that education should be a right that people of all classes can benefit from, and addressing both the individual and the economic drawbacks of student debt in the middle and working classes(Debate). Applebaum
Many people would agree that our country’s young adults have and continue to incur a lifetime of debt by enrolling in college. It’s become an almost acceptable understanding that if you plan to attend college, you might as well expect to graduate with an enormous amount of debt. Robin Wilson, a reporter for the “Chronicle of Higher Education,” and author of “A Lifetime of Student Debt? Not Likely” suggests student loans are very real and can be life altering.
In recent years, there has been a tremendous increase in student enrollment in higher education after high school effecting the need for financial aid for all students. Education has become a growing part in America where more students want to better their lives with a college education. However, the cost of college tuition has increased and more students find themselves struggling to pay off the enormous tuition rates. In a recent study by the Consumer Financial Protection Bureau, student debt has reached $1 trillion in federal loan debt. Student loan debt has crippled the economy and students are struggling to pay off federal loans. In order to help students with the high tuition rates of college the government and universities offer
It is no secret that the cost of tuition has been increasing since the millennials have arrived. High school graduates try to find themselves after graduating from high school. Some have no idea what they want to do, but those that want to further their education and have a better career will be the successful ones. One of the main reasons why college tuition should be reduced is so that students will not be in debt. Yes, there is FASA but not everyone is eligible for that. High school graduates don’t have enough money to pay for college, they barely have any money at all. College tuition should stay reduced at an affordable cost so students can afford it and not have debt.
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.
Over the past decade, it has become evident to the students of the United States that in order to attain a well paying job they must seek a higher education. The higher education, usually a college or university, is practically required in order to succeed. To be able to attend these schools and receive a degree in a specific field it means money, and often a lot of it. For students, the need for a degree is strong, but the cost of going to college may stand in the way of a successful future. Each year the expense of college rises, resulting in the need for students to take out loans. Many students expect to immediately get a job after graduation, however, in more recent years the chances for college graduates to get a well paying job isn’t nearly as high as it used to be. Because students can no longer depend on getting a job fresh out of college, it has become harder to repay the loans. Without a steady income, these individuals have gone into debt and frequently default loans. If nothing is done to stop colleges and universities from increasing the cost of attending their school, the amount of time it takes for students to pay off their loans will become longer and longer. The extreme expenses to attend a college or university may leave a student in financial distress: which may ultimately lead to hardship in creating a living for them and affect the country’s economy.
As people of many ages wish to further their education outside of high school, they tend to take out student loans in order to fulfill this wish since the large tuition payment is not in their budget. Paying for an education that presents a degree seems easy to many by taking out large loans to pay for their education. Recently, student loans have challenged the economy of Americans. Education is perceived as a necessary expense to many, in which they do not mind putting a burden on the economy for. Many people believe those loans can be paid off in a matter of a couple years. However, this idea is misguided as many people do not pay their student loans off until their early forties.
The student loan "debt has passed $1 trillion... Nearly 20 percent are in default on their student loans" in the United States. Many schools and jobs encourage students to further on their educations but how could students keep up with the total cost of college? Ironically, a strong educated workforce is what will help maintain America in shape but college prices have been going nowhere but up. This can create a strong effect on many of the younger students thinking about attending college, "today 's teenagers might be experiencing more and more "financial anxiety" and aversion to debt than previous generations."(Jake
A complete college education is important because it is a way to acquire the information required to succeed in the work world. Basinger’s article gives insight to another college student encumbrance, student loan debt, by demonstrating how each is undesirable, affecting student-academic relationships negatively. The article, “Why You Might Be Paying Student Loans Until You Retire” by Sophie Quinton, demonstrates how a college student’s education is worsened by the persistent burden of student loan debt. Quinton discusses the imperfections of student loans and describes how student debt affects populace and economy negatively, worsening student-teacher relationship. Quinton continues by referring to shocking statistics on student loan debt. She mentions that almost one-fifth of Americans have student loan debt and 218 colleges have over 30 percent default rates. She then concludes her disagreement with the system of student loans by writing, “This is a program that desperately needs reform before it simply melts down--like the mortgage market did not long ago” (Quinton
When starting college every student must make a very important decision. Whether if they want to get financial aid or to pay the money up front. Having college debt will not only ruin their credit, but he or she may also have to pay off their tuition for the rest of their life. Research says, “According to the College Board, which tracks students’ financing of higher education, undergraduate students in 2013 through 2014 borrowed in the aggregate nearly $63 billion and received $33.7 billion in Pell grants.” By this quote from “Debt, Merit, and Equity in Higher Education Access” it clearly shows the effects College Debt has on their society, but also on their educational future. Every paycheck they receive, a small portion goes toward paying
With the ever-increasing tuition and ever-tighten federal student aid, the number of students relying on student loan to fund a college education hits a historical peak. According to a survey conducted by an independent and nonprofit organization, two-thirds of college seniors graduated with loans in 2010, and each of them carried an average of $25,250 in debt. (Reed et. al., par. 2). My research question will focus on the profound effect of education debt on American college graduates’ lives, and my thesis statement will concentrate on the view that the education policymakers should improve financial aid programs and minimize the risks and adverse consequences of student loan borrowing.
“In addition to causing difficulty for repayment, increased student loan burdens may affect other life-cycle behaviors of college students as they enter careers or family formation” (Hershbein and Hollenbeck 6). The issues of student loan debt should cause students to pursue other routes of education and careers. “Isolating the causal impact of student loans on future behavior is problematic because the same set of problems that influence student loan behavior may also influence the type of education pursued, academic success, and later earnings” (Hershbein and Hollenbeck 6). Those individuals who are going to the same college and going for the same degree will pay the same amount of tuition. This is not true because some student has more scholarships
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). The debt will only continue to grow with neglect, so the most effective action to take would be eliminating the cost altogether.
The Nature of Man According to Amistad: Enslavement or Freedom? The movie, Amistad, is based on the dramatic story of the enslaved Africans who free themselves from their captors and seek recognition of their freedom in the Supreme Court. The Africans are represented by former President John Quincy Adams who recognizes the more substantive if dehumanizing legal questions at the heart of this case, particularly those that imply the Africans’ status purely that of property. A good majority of his argument incorporates the Aristotelian concepts of pathos and logos. By incorporating original American ideals and humanizing his clients before the Court, Adams moves the the rationale of the case from one of property rights to one of human rights,