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Many students today are faced with an unending monthly payment of school debt. 44,200,00 Borrowers owe $1,520,000,000,000 in student loan debt and the question is how did we end up here? How did we let this happen to our society where so many people owe money for seeking an education? Fact is, is that our government and money lenders make it extremely easy to acquire student loan debt. According to Experian data, the student loan debt has increased by 116% in the last 10 years. In this essay I will argue why our society needs to address this issue and give ideas as to how to reduce student loan debt. Many people are not worried about this and will say things like “just get a job and pay for it’ or “It’s not my problem”, but this problem affects everyone and the country as whole. Scholarships and grants are an option for people but not everyone benefits from this and with transportation and personal technology that is increasing to be able to engage in regular schoolwork, people are becoming more stressed out with anxiety and depression on the rise with each semester. Reducing school debt or reducing the amount that schools charge is extremely important to bettering student’s mental health and in turn will help the country’s economy.
It seems like this mess started as a result of world war 2 and the government wanted to give people more access to higher education. In the 1950s Massachusetts Higher Education Assistance Corporation (MHEAC) started a loan program that helped students pay for college. The corporation promised the banks that if the students failed or dropped out, that they would pay them back in full. They quickly realized that raising enough money to put every student in college was near impossible. Another bill was passed to help students pay for college called the National Defense Education Act (NDEA) which became the first large scale student loan program. This act was used to get more students to study in things like sciences to help in our defense in the cold war. According to congress this was a no brainer for them, the act would create better technology and better job opportunities for the united states. Little did they know, these decisions would cost the country trillions and put many people in difficult situations. The rise in tuition and fees increased over the years at a frightening rate. Student loan debt had increased so much during the 70s and 80s, and even with the help of scholarships and tuition aid, things were getting out hand. Why was this happening? Because students are treated more like customers rather than human beings trying to obtain higher education. One of the biggest problems in the United States in student loan debt. According to an article written by Jennifer Wadia, in 2010 student loan debt had reached 830 billion which was the first year that exceeded another personal debt, credit card debt. Currently there’re 37 million with similar amount of student loan debt and half of these students are unemployed that had graduated with bachelors. When you graduate from college, you’re required to start paying your student loan and with that, many come out jobless or are working in low paying jobs with payments every month. Many of these students can only make minimum payments on their student loan debt and with interests’ rates that are so high, that students will be paying their debt for the next 20 years. Bankruptcy is not an option either, so you have no choice but to repay what you owe. As you can see, these are some of the reasons why students now a days have such a hard time mentally wise, when attending college. I believe this problem in the united states will destroy the American dream.
A widespread reexamination also requires denying a myth. Some economists may want to elude this epidemic, but the student loan crisis is real. The actual narrative? Too many Americans believe that “college is affordable.” Not only are their naysayers about this problem but many think student loan debt forgiveness is a bad idea. Conservative’s believe that this will be a bailout for the elites, But This entire debate has been wounded from asking the wrong question. The question isn’t how much student loan debt we can forgive; it’s how we got here in the first place. The response is clear: Government. Meanwhile the development of student loan programs outside their original intent of manufacturing admission for low-income students, government has done what government always does: constructed a control for itself, successfully eliminating private lending. The consequence has been high tuition rates, powered by structural expand and horrible construction projects. Twenty-first century higher education outlay has little to do with the teaching of students. Resolving this issue, like any government made mess, will take time and willpower. Students who are borrowing also need to know up front how financial aid might fall short and obtain a list of other bases which might help cover costs. Those properties should include the emergency food and shelter programs that already help students. Few know about that help, mainly the students who find themselves unable to use their family’s welfare helps because they are enrolled in school full time. Studying those community programs’ rules would assuredly help students, but so would changing the tax code to exempt students’ inadequate wages.
Objective like the Republican attitude on student loans replicates conservative faith in the free market, the 2016 Democratic Stage bonds the liberal belief that government can deliver the answers. The stage calls for “bold new investments by the federal government” to brand “debt-free college a reality.” In a liberal move, Democrats today support that families making under an unnamed quantity should not have to pay tuition for their teen to join public colleges or universities. The stage also pursues to release the weight of students who now contend with “crushing student debt.” The Democrats say that, if nominated, they will license anyone with student debt to refinance their loans. In other words, if you established your loans at a period when interest rates were higher than they are today, you could refinance your loans and pay the lower rates. The stage also cries for dropping interest rates for upcoming undergraduates, increasing access to income-based repayment, starting a “student borrowers bill of rights” and permitting borrowers to release their student loan debts when they declare bankruptcy. Opponents of the stage have accused Democrats of pandering to college voters by contribution of impractical or unbalanced deals. Minnpost stated, refinancing loans might not stand as a reasonable rule: “Some policy experts, and not just on the right, argue that lowering rates for nearly all student borrowers is an unnecessary subsidy and waste of money that could be better used elsewhere. “As the Huffington Post described last month, some trust the Democrats’ strategy to deliver free tuition to low-income student disregards the big role that distinct states play in making obtainable education.
One question seems to be floating around by very few. Can obtaining a college degree be worth suffering substantial debt? Everyone has their individual opinion. But if you said yes, then some good arguments would have to be made and an understanding as to why and how to utilize it wisely. The grounds for this are holding a college degree gives you an improved chance in life and a better or higher wage. At the beginning, it won’t appear like it when you are paying off your student loan but after you can see the benefit’s. In Truth it can be worth obtaining important college debt if you do it the right way. The grounds for obtaining a college degree is deserving, and experiencing important debt because it gives you a better chance in life if done right. For example, many students don’t have an idea of what they want to do in life. Many younger students that go to a 4 year end up changing their major and prolonging and adding to their school debt. Many students drop out for various reasons and have to put college on hold. If these things weren’t a factor, and if all students somehow knew exactly what they wanted to do in life, then acquiring student loan debt would not be a problem. Of course, that isn’t a reality and will never be one because we as humans change. 3 years from now you can decide to be one thing then be bored of that occupation and want to do something completely different, and unfortunately students pay for this kind of decision.
My thoughts on this is that we need to address this issue. In my opinion, the more we complain and write about this issue, the more people in the united states will notice. It’s something we need to address to democrats and republicans over and over again. I believe both parties want to solve this issue, but in todays America, things are so divided that neither can come to a conclusion. I don’t believe that students should suffer to obtain a better education. Our government created this problem but it seems that it is up too us as regular citizens to figure out a way to resolve this issue. There is enough proof that student loan debt is a problem. Its not only a problem for students but for the entirety of this great country. One day our government will be forced to deal with this problem and I hope for the country’s sake, we aren’t too late.
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