The Student Loan Scam

1880 Words4 Pages
bulb-icon

Recommended: Effects of student loan debt essay

Every member of this class, this university, this collegiate atmosphere, has most likely accumulated debt to achieve higher education. I certainly had the feeling that entering into the University of Massachusetts as a freshmen this year would involve relatively little debt which I would pay off upon graduation–a simple affair in which I received an education for a fair price. Yet, looking even at the comparatively “small” expenditures I have to deal with, examples of educators, students, and parents all paint a portrait of the devastating and deceiving nature of debt involved in the collegiate system in this country. Systemically, culturally, and personally, the system of debt associated with virtually every modern college experience of all but the highest socioeconomic echelon wrings the resources of the average college student dry.

In the context of how the system works, the only conclusion to accurately draw is that the odds are effectively stacked up against the college student of average means, especially considering the rise of lending organizations like Sallie Mae and the fall of Consumer protections (Collinge 4-5). Since the advent of the GI Bill and the understanding of the common virtue of education in the post-WWII era of the U.S. the message behind the collegiate experience has gone full circle. Since the 1970’s, with the continual amendments to the Higher Education act, lending companies have only become more powerful, enacting “draconian collection” strategies while simultaneously subtracting seemingly all consumer protections including bankruptcy protections, statues of limitations and refinancing rights (Collinge 4.) All of these factors make the modern student loan complex “an inescapable and profitable...

... middle of paper ...

...d be more heartily aware and should consider more closely.

Works Cited

Collinge, Alan. The Student Loan Scam: the Most Oppressive Debt in U.S. History, and How We Can Fight Back. Boston, MA: Beacon, 2009. Print

Ross, Sarah, Jennifer Cleland, and Mary Joan MacLeod. “Stress, Debt And Undergraduate Medical Student Performance.” Medical Education 40.6 (2006): 584-589. Academic Search Premier. Web. 17 Nov. 2011

Supiano, Beckie. “When Life Gets In The Way Of Paying For College. (Cover Story).” Chronicle Of Higher Education 57.22 (2011): A1-A20. Academic Search Premier. Web. 17 Nov. 2011.

Williams, Jeffrey. “The Pedagogy Of Debt.” College Literature 33.4 (2006): 155-169. Academic Search Premier. Web. 17 Nov. 2011.

Williams, Jeffrey J. “Student Debt And The Spirit Of Indenture.” Dissent (00123846) 55.4 (2008): 73-78. Academic Search Premier. Web. 17 Nov. 2011.

Show More
Related

  • Analysis Of Lee Siegel – On My Student Loans

    832 Words  | 2 Pages

    Lee Siegel's “Why I Defaulted on My Student Loans” challenges the current state of the American system of higher education by targeting and discussing its economic impact. He begins by recounting his own story of how he was forced to take out a loan for his education at the age of seventeen. Immediately, his misgivings with the system become obvious as he states that he essentially gave his life away in order to go to college. His background is interconnected with his views on the subject given his statement that he was unable to afford college after his parents divorced and later, his mother entered bankruptcy. As he continues on to discuss how the current system causes students to be forced away from their vocation, he explains how he chose

    Read More

  • Policy Proposal: Student Loan Default

    3351 Words  | 7 Pages

    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 ...

    Read More

  • Prayer in School: One Hypocrisy of Our Democracy

    1961 Words  | 4 Pages

    The issue of prayer in school cannot be dealt with in a manner that will please everyone. The main thing that needs to be stressed is that tolerance of other people and their beliefs is the only true way to ensure that everyone has freedom and equality in America. Until that day comes there will always be groups of people who cause disruption in our schools and take away from what the focus really should be: quality education and an understanding of others as well.

    Read More

  • College as the Pathway to the American Dream

    2356 Words  | 5 Pages

    Wilson, R. (2009). A lifetime of student debt? Not likely. In G. Graff, C. Birkenstein, & R. Durst (Eds.). “They say, I say”: The moves that matter in academic writing with readings. (2nd ed.). (pp. 256-272). New York: W. W. Norton. This article examines how much debt in loans students leave college with and if it is possible to pay it off without it causing extreme distress.

    Read More

  • Why College Should be Cheaper

    1910 Words  | 4 Pages

    ...hew , and Debbie Cochrane. "Student Debt and the Class of 2012." Institute For College Access and Success. December (2013 ): n. page. Web. 12 Dec. 2013.

    Read More

  • The Government Should NOT Forgive Student Loan Debt

    1745 Words  | 4 Pages

    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.

    Read More

  • Unraveling the Crisis of Student Loan Debt

    1728 Words  | 4 Pages

    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.

    Read More

  • The Myth Of The Student Loan Crisis Essay

    1256 Words  | 3 Pages

    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.

    Read More

  • Argumentative Essay On Student Debt

    1491 Words  | 3 Pages

    Children of the twenty first century spend nearly 13 years in school, preparing for what is college, one of the only ways to achieve the so-called “American Dream”. College is the best way to start an advanced career and go further than one possibly could if college degrees were not available, allowing people to achieve their view of the American Dream; whether it be large houses, shiny cars, multiple kids, or financial comfort, college is the stepping stone to achieve the American Dream. But all great things come with a price, college dragging along debt. Students who attend college struggle to find ways to pay for it, leading to applying for student loans. These loans a great short term, paying for the schooling at the moment but eventually the money adds up

    Read More

  • Student Loan Debt Should be Forgiven

    1255 Words  | 3 Pages

    Ross, Andrew. “Mortgaging the Future: Student Debt in the Age of Austerity.” New Labor Forum (Sage Publications Inc.) 22.1 (2013): 23-28. Academic Search Complete. Web. 13 Mar. 2015

    Read More

  • The Reformation Dbq

    1646 Words  | 4 Pages

    The Reformation that took place in the sixteenth century saw the fragmentation of Catholic Europe under new religious ideas and practices. One factor causing debate is the role Martin Luther played in the spread of the Reformation. A Reformation, seen in the context of Sixteenth Century life, can be identified as ‘a return right back to the beginning’. In this sense, Luther’s intention can be seen as an attempt to return the church back to where it should be. It has been argued by modern contemporary historians that Luther’s contribution was limited due to the presence of existing reformers and rivals and the idea that Luther was unable to unite a coherent force meaning his role in the Reformation has been exaggerated. However, when

    Read More

  • Education Debt: The Problem and Solutions

    1138 Words  | 3 Pages

    “Debt Burden: Repaying Student Debt.” American Council on Education. One Dupont Circle NW. Sep. 2004. Web. 12 Nov. 2011.

    Read More

  • Essay On College Tuition

    1005 Words  | 3 Pages

    With the rapid growth of college tuition, it has become an important issue in higher education. College Tuition is simply defined as the charge or fee for instruction, at a private school or a college or a university. Most people agree today that college tuition is too high or that it needs to be completely dismissed. There are some however, that may disagree with the claim about college tuition and state that college tuition is necessary for college growth, and it’s primary purpose is to pay for college expenses to support the institution financially. Research shows that college tuition is too high and that debt has become a standard in America after attending post-secondary school.

    Read More

  • College Education Should Not Be Free

    769 Words  | 2 Pages

    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).

    Read More

  • Prayer Should Not be Allowed in Public Schools

    1052 Words  | 3 Pages

    Gaylor, Annie Laurie. The Case Against School Prayer. “Keep the Church and State Forever Separate.” Madison, Wisconsin: Freedom From Religion Foundation, Inc., 1995. ( www.ffrf.org/pray.html )

    Read More

More about The Student Loan Scam

Open Document