Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Issues with student loan debt
Issues with student loan debt
Issues with student loan debt
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Issues with student loan debt
One of the biggest challenges students who are in debt face is getting out of it. Though it is not easy, there are ways of getting out of student loan payment if a student finds themselves unable to pay them. One option is the Income-Driven Repayment Plans where a student can stretch out their payments for 20-25 years and any balance at the end will be forgiven. This may sound great but depending on a student’s situation, could cause a student to lose for money in the long run. People who work in public service for at least 10 years can apply for the Public Service Loan Forgiveness if they qualify. If a student becomes a full time teacher in a low income school they may be eligible Teacher Loan Forgiveness. Some loaners provide loan forgiveness
“The Good, the Bad and the Ugly of Student Loans” references many great points that recent college graduates or futures college graduates should follow. These include paying student loans fully and on time, as well as consideration of refinancing. The article’s main purpose is to help college graduates prepare to pay off their student loans carefully and correctly. It chooses to focus on the good points of paying off student loans, giving hope to those who may be worried about paying them off.
Recent studies show that the number of individuals who default on their student loans has been steadily increasing as well. Statistics from the Institute for Higher Education Policy (IHEP) show that between 2004 and 2009 only 37% of federal student loan borrowers were able to make uninterrupted payments; it is an annual average of 7.4% (Cunningham, and Kienzl). According to IHEP, for every one borrower who defaulted, two ...
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.
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
There are multiple programs available for mitigating your student loan, especially if you are working in a public service organization.
Preparing for college before hand is a key role in not paying a student loan debt. Ending college with no debt in key, and doing it with success is a self-bonus. A total estimate of one-trillion dollars is the amount of today’s student loan debt. Students need to see new ways to not be one to fall into this great
Student loan debt makes up a large portion of the debt in this country today. Many defaulted loans are the demise of high interest rates, poor resources to students in educating them on other avenues and corruption in the governmental departments that oversee education and financing. There are many contributing factors that lead to the inability to pay off student loans which need government reform to protect the borrower’s best interests.
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.
This debt accounts for six percent of our nation’s $16.7 trillion debt (Denhart). Since student loan debt is such a big part of the national debt, if the student defaults on their loan then the United States taxpayer has to carry the burden of the loan (Denhart). Students who are graduating with debt do have a couple of different options that they can choose from. There is a six-month grace period after graduation to allow the student time to find a job and programs to try to help eliminate debt. “The Consumer Financial Protection Bureau estimates that one-fourth of the American workforce may be eligible for repayment or loan forgiveness programs” (Atteberry, N.P.).
Higher education in America continues to be critical for both individual success and the social and economic health of our country. More students than ever must rely on student loans to pay for a college degree, with the average borrower now graduating with over $26,000 in loan debt. The combination of high student debt and low earnings can lead to default, ruined credit and wage garnishment. The U.S. PIRG Higher Education Project is working to: keep loans affordable, increase grant aid to students, such as the Pell Grant, and lastly, making textbooks affordable.
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.
It is a proven fact that the price4 for college tuition has increased drastically in the recent years. As a result, acquiring the means to pay for college has become a troublesome problem in many households. Depending on student loans is a popular method to counter the problem, yet paying back the debt is a problem of its own. Although tuition may serve as a challenge, there are several solutions to limit debt. The first solution to limit debt for a student is working and saving while attending school. Another solution includes attending a community college instead of,or before, a university. As a final solution, applying for scholarships can limit or diminish the amount of money needed to borrow, therefore, decreasing future debt.
Over the last few decades, college tuitions and fees have increased by over one thousand percent, surpassing every category associated with the cost of living including food and medical. This unprecedented rise in cost has resulted in an avalanche of issues for young and middle-age adults. As, a result of steep student loan amounts, graduates are being forced to move back with their parents, fewer young people are becoming homeowners, they are delaying retirement saving, and are dropping out of college at an alarming rate of nearly fifty percent. With all the controversy surrounding the topic of increasing college cost, the revised income-driven repayment program has been created to help borrowers pay back student loans according to their income.
“Debt Burden: Repaying Student Debt.” American Council on Education. One Dupont Circle NW. Sep. 2004. Web. 12 Nov. 2011.
“Student loans can turn what should be a blessing—an education—into a burden” (Dave Ramsey). Student loans can cause many graduating students to feel lost and helpless because they have so much debt after graduating. Because of student loans, college students think they can just get through college and pay the loans off easily after they graduate since they will be making money. However, sometimes it isn’t that easy. You can graduate college without taking out one single loan!