How To Reduce Student Loan Debt

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Student loan debt has become a vast problem in today's society. More than forty million people have student debts, and make up approximately $1.3 million of debt in the United States (Knebel). People are delaying major life events in order to pay off these loans. To remedy this, the government should make it possible for people to revise their student loans to fit their salary or implement an income-contingency plan. The government has a set plan that a person have to follow until the debt is payed off. Because of this debt, some newly graduated students have to delay life events such as getting married, having kids, or planning for retirement. If we would just adapt an income-contingent plan we would have a lot more people who are able to pay off …show more content…

Stress is put on people every day. This plan will take that stress off of a person. It liberates the person from being in debt all of his or her life. I also think that it would not keep a person from moving from one job to another. People are naturally going to want to make more money than the next person. This reason is why some people will stay in school, not just because they feel like they have to. This will not keep a young adult from learning a certain responsibility. If anything I think that it will actually help them with learning what actually happens in life. An income-contingency plan would help people to pay off their student loan debts, from young adults to senior citizens. It would take some of the financial worries away and let them live their lives. They would not feel as though they have to put off getting married or having kids. Graduated students would be able to live their lives, and not have to worry about what will happen if they die with student loans. This plan has even been proved that it can work in Britain and Australia, so why does America not adapt a

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