Student loans have always seem to be a controversial topic. Many people are in agreement and disagreement over the opportunity to student loans. Student loans can be a great advantage to many students, but it can also drown them in an immense debt, that will follow them for many years. The more we analyze this perspective, we are able to distinguish the advantages and disadvantages of student loans.
There is a variety of perspectives on student loans, some involving annual salaries, interest rates, and commodity. Some say that interest rates should be dismissed from student loans, unless the student does not pay the loan by the time provided in the contract signed.Similarly, there exists another perspective that states that the amount of money students should be allowed to borrow should be similar to the annual salary they will earn once they graduate college. These perspectives open many door to students. Students would no longer worry about interest rates making the debt bigger with time. Although, the perspectives sound like a very good option, there are some disadvantages: the government will no longer have the accessibility to the money made from interest rates, which can diminish the opportunity for students to obtain student loans. Unlike these perspectives, there is a perspective that states that the student loans should all be …show more content…
Every student's circumstance is different; therefore, they should all have different solutions. Some students do not enjoy of a good economy, which provokes them to borrow more money than other students. Also, there are some students that will study careers that do not have a great income, or are very rare in jobs. Their solution would be to maintain the cost of student loans at a reachable price. In this case, every student would be able to pay off their loans without any
“Last Tuesday saw students vent their anger on the streets of Cambridge as part of the National Day of Civil Disobedience. Student organisation Cambridge Defend Education protested on King’s Parade against the proposed privatisation of student loans”(Sullivan). This kind of event should be appearing more often. To end, I hope that all people would hold on to this quote, “Whatever the solution, the goal is the same: Sending college graduates into the world without the burden of figuring out how to pay back their loans. College is meant to give young people an opportunity to pursue their dreams, not leave them contemplating whether they should stop paying their bills”(Game of Loans:
Ana Lucia Urizar, author of the article titled We’re Being Punished by Crippling Student Debt presents the argument of Student debt and the importance of remedying this topic otherwise face future detrimental effects. Urizar provided statistics suck as the average amount of loans in dollars the class of 2015 had taken out. Ultimately, Urizar’s main argument is that something needs to be done about the exorbitant cost of attending college because it is impeding graduates’ careers, standard of living and ability to fully engage the economy. This argument does well providing strong statistics found through credible sources such as The Wall Street Journal, however, the article failed to provide a counter-argument or different viewpoint regarding
Just how awful has the student loan strain become? Rhetoric of crisis influences the present popular discourse, while very few voices call for tranquil, noting the average number of student indebtedness is approximately equal to the cost of a new car. concealed by the aspect and attention captured headlines, though, it is a more embarrassing picture exposing that all classes and groups of students will not bear the increasing debt hardship equally: women, students of color, and Low-income household students are more greatly affected by this escalated debt. I have currently revealed the 30,000 dollars is the typical amount of debt that students will acquire after attending college for four years. Though the cost of college is increasing, a variety
Currently, the U.S. has accumulated roughly one trillion dollars worth of debt from student loans. (cite) But, what if student debt was forgiven overnight? Now if student debt was eliminated all at once it would be an enormous expense for private lenders and the federal government. Yet, people continually suggest the dissolution of student loans with a one-time payment plan from the government.
Many Americans believe they can not graduate college debt free. They, in turn, take out student loans that in the long run will cause debt to pile up. Many statistics show the negative effects of student loans. This helps prove the idea that student loans are, in fact, are a major factor of high levels of debt. Also student loans and debt can be avoided with financial aid programs along with grants and scholarships.
In 2014, just a bit over 70% of college students graduate with $33,000 in student loans. This number is staggering and why student loan debt has become such a hot topic of debate in the United States. In the meantime I think we, as students need to be a little more involved in our future and the college process rather than placing the burden and stress solely on our parents. There are various things I can do to reduce my student loan debt and avoid the stresses after I graduate college.
According to the last recording of student loan debt, the total amount of the United States student loan debt is roughly one and a half trillion dollars (A look at…). Statistics like these present the urgent need to resolve the major financial issue of student loan debt. Solutions have been given by many people to solve this issue but most solutions fail. The main reason behind student loan debt is falling to far into debt to the point where it is almost impossible to come back. The origin behind all of this is a lack of a student loan amount cap.
The phrase “education being worth it no matter the cost” has been drilled into students as well as their families. This has led to student loans eclipsing a total of $1 billion every year, and in total reaches more than $1 trillion. While most loans don’t have to be paid off until after graduation, many students aren’t able to find jobs to subsidize the loan payments once they have
Forgiveness of Student Loan Debt On a global scale, there is a large amount of people who are unfortunate in the sense that they are all regrettably faced with the issue of the struggle to pay for a proper education. Seeing as those who struggle are unable to pay on the spot, whether it be because they are financially independent adolescents or their families have low financial income, a majority of said strugglers resort to applying for student loans. This allows them to receive an education for the time being, but it still must be paid for eventually. As a result, every student who takes a loan for schooling will be in debt until everything that has been borrowed is paid off.
The tuition and cost of college is detrimental to thousands of families across the country and brings student debt to future graduates. Some students have seen their debt climb over $30,000. Friedman writes, “The average student in the Class of 2016 has $37,172 in student loan debt…” (Friedman). With the debts being over the average income for single people households, college has transformed from a benefit to a burden. Young adults not only have to worry about their education but also paying for the next semester or years of college ahead of them.
The total U.S. student loan debt now surpasses $1.2 trillion and there is more than 40 million recipients owing on federal and private student loans (Malone). Most of the college students in the United States can’t afford their education by themselves and, as a result, students end up drowning in student loans in order to earn a degree. Student debt is a major problem in the US, and it is a major influence on the gap between rich and poor. A more accessible college education would help reduce the gap between rich and poor in the United States.
Student loans can be helpful, but when it's time to pay back, it can lead to future mental struggles and be stressful and hold you back from living the life you want to live in the long run. The student loan debt crisis in now only taking a huge toll on the personal lives of many Americans, but on the economy as well. Whether or not students graduate or not, if they pulled out student loans worth $200,000 they remain in debt for a remainder of years. As the problem continues to grow it becomes more and more critical to find a solution to help the well being of everyone in the nation, student or
The student loan issues are causing huge problems on both students and society it seems clear enough that students are borrowing a lot of student debt, and they are failing on that debt and aren’t capable of paying it back and that is destroying their ability and threatening their ability to access any more credit in the future. The approaches students are taking to a student loan debt collection are fraught with many problems, including bad recovery tactics and failing on making repayments on the debt. There is no escaping the fact that the cost of college tuition is on the rise and it’s not declining, and that is making it more difficult for students to obtain a degree which is really important to acquire to be able to function in today’s
If there is a job I can do at the college, I would work and hopefully, they lower the tuition for that class. I believe there should be one student loan rate for everyone that is affordable. Different banks have different rates depending on the college. A broader approach is necessary so all students can afford to go to college. Scholarships are helpful too, and I hope I receive this scholarship which is a way I am trying to minimize my debt.
Society often believes college is a necessary experience for a better future, but I argue that the future will not be any better when student debt becomes a part of life for those who follow that mainstream belief. Most parents often dream of the great colleges and universities that their children will get accepted into; however, they fail to think of the cost to attend those institutions. Financial aids! Financial aids! Yes there are financial aids that students can apply to lessen the student debt.