Obviously, the issue of student debt is a delicate topic for many a student and former student, including myself. As there are many possible solutions, the following writing is a potential albeit straightforward solution. The topic requires an extensive examination to determine if it is feasible and a realistic timeline for its implementation. This issue paper covers several areas correlating to student debt. There is the problem of student debt. Next is the current student loan plans, both federal and private. Then there is the overview of a federally controlled student loan plan and benefits. Then ends with a personal perspective and summary of the closing.
DEBT! What is it good for? …Absolutely Nothing!
Debt, it afflicts us all, rich or poor, male or female, all races, and all religions, there is no escaping eternal servitude to the almighty bank or institutional facsimile. As children, living in our parent’s home, we mostly likely paid no heed to how life necessities are paid for. Shelter, transportation, clothing, food, to name a few are always available when needed, with no thought process on how parents can afford
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The amount is the same for all who apply and is not to exceed a fixed amount. The overall amount is not an easy number, but given the scope and intent to not over extend or overburden the borrower, $40,000 seems adequate and is broken down into four years. That being said, the maximum amount is to be set by the Department of Education or other approving body. Now this amount does not cover tuition for every university, as such, supplementing the loan with scholarships and grants (federal, state, or private) mitigates tuition costs. Another potential option is for the universities to supplement eligible deserving students who do not have the means to cover tuition. This option allows less-fortunate students to attend otherwise out-of-reach