ipl-logo

Student Loan Benefits

505 Words3 Pages

It is never wise to take out a loan, even if it is considered by society to be a “good loan”. These “good loans” are student loans and they are anything but good.There are two extremely important things to know about student loans. They will stick with you for the next decade or more of your life and they end up multiplying in cost even as you attempt to pay them off. These two things will affect the rest of your life and not for the better. The average student loan for a bachelor degree takes 21 years to pay off even though you are suppose to pay it off in 10 years according to the arrangement of most student loan contracts. This means in return for gaining four years of education you spend two decades of your life stressing and worrying about …show more content…

This means you are paying an extra $8,600 for an already heavy burden of debt. This is if you manage to pay all your payments on time, which according to statistics 63% of people can’t manage. It is not even guaranteed that you will get your four years of education for the burden you are accepting, since 30% of student loan borrowers end up dropping out of college. Some might say that a student loan is a “good loan”. However, they could not be more wrong. Student loan are one of the most insidious loans because they hide behind the facade of helping you out through a period of your life when you have little to no income. They also have the benefit of a whole society supporting the notion of them. Not to mention the fact that since almost all graduates have one it has become the norm for an American to be seen lugging one around. The only “good” thing student loans have to offer is putting more money in the bank’s pocket. The supposed “good loan” is not so good and weighs heavy on the heart of all who carry it. They are forced to carry it for much longer than they thought

Show More
Related
863 Words | 4 Pages

Debt can and will quickly add up, however if you are using it for the right reasons, you will prosper from the amount of money borrowed. The biggest concern that people have towards student-loan debt is that what it shows about the affordability of college educations. Students are afraid to go to college if they don’t have the money, because of they don’t want to be in debt from student loans. Loans are a real fear that college students try to avoid.

Read More
1060 Words | 5 Pages

“Generation Debt” by Alethea Spiridon is an argumentative essay that outlines the harsh reality of student loans. The author examines the consequences of student loans as well the reasons higher education should not come as an expense to the individual pursuing it. In the current job market a post-secondary degree is a prerequisite for almost any profession and the sad reality is that this costly degree is not a guarantee of future wealth. The author effectively explains why treating education like a luxury good can impoverish everyone, and outlines ways student debt can burden graduates’ lives. However, she fails to examine the reasons student loans can be advantageous, and this is problematic because there are several missing benefits including manageable reimbursement options, lower interest rates, as well as student friendly terms and conditions when compared to a standard loan.

Read More
1174 Words | 5 Pages

According to Harriet Stranahan, a professor at the University of North Florida, and two of her colleagues, “Students leaving college today [2019] are burdened with the highest levels of student debt in recorded history. The statistics are frightening: 44.2 million people in the US have student loan debt, total student loan debt is over $1.3 trillion, second only to housing debt in the US and over $32 billion of the debt balance is currently in default” (Beal, et. al, p. 219, 2019). As a result of these overwhelming numbers, students must work to pay off their student debt. According to Liberty University’s Student Financial Services, the average cost of tuition for undergraduate students is $23,800 per year, which averages $815 per credit hour (About Liberty).

Read More
739 Words | 3 Pages

One of the main points about college is that it is too expensive. Many Americans feel like college is not worth it, “A majority of Americans. for most Americans to afford.” Paying off student loan debt can take years or even decades to pay off. Despite this, 86% of Americans say that college was a good investment and helped them in their jobs.

Read More
1149 Words | 5 Pages

“Forty Million people in the United States are dealing collectively with $1.2 trillion in student loan debt” (Dickinson 37). College tuition has rocketed to “66 percent” (Noah 11-13). College Tuition is up “500% since 1985” (Dickinson 37). The rates for older borrowers has risen from “6 percent in 2004” to “12 percent” in 2013 (Patton A10-A11). “40%” of American households have a student under 35 that has student loan debt (Jones 57-62).

Read More
1373 Words | 6 Pages

Although student loans can be helpful at the time, I believe they don't show you how to save and spend your money wisely. Eventually, you have to pay all the loans back, and it all adds up. Student loans are stressful and many people believe they are grants. Student loans are not grants. Grants aid money that is given to you, that you don't have to pay back.

Read More
380 Words | 2 Pages

Student loan debt has been a big issues for a while now which is caused by the high price college tuition that has more than doubled in the past fifty years in the United States. According to figure 1, in the past five years alone the tuition price has increased an average of 11 percent (see appendix). With the serious rise in tuition many students have taken out loans which means that more and more graduates from college are not only leaving with a diploma but also with debt. "7 in 10 college seniors graduated in 2012 with student debt, which on average was $29,400" (Lundberg 1). 70 percent of all the graduates are already in debt stepping out of college and moving into the real world trying to start a career in society for the first time which means that they will be starting in a hole and will have to work much harder to dig themselves out.

Read More
1326 Words | 6 Pages

“Citizens financial group said they might not have gone to college had they known the impact student loans would have on their life.” This quote from Kelli B. Grant shows that student loan debt is hard to get out of if you are in debt with a

Read More
1994 Words | 8 Pages

Loans allow receiving a college education seem like a smoother process considering that such a hefty amount to pay is divided so that it can be paid for in moderation. Despite the fact that it’s split into many payments, it’s still a large quantity all in all so unless indebted students aim for high income jobs, there would many years of difficulty to come after college. For this reason, undergraduates make it their goal to go after jobs which would prevent them from being constantly pressured to pay off debt. Thus, student debt is both a crisis and a reason to encourage persistence towards greater ambitions (Hillman, 41). It is a tremendous thing when a student seeks to be financially comfortable or even rich in the future but not when it is for the wrong reasons.

Read More
1032 Words | 5 Pages

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.

Read More
216 Words | 1 Pages

Student loans can be an okay thing, for some students that don 't have money and don 't want to wait to go to school they can get a loan. Some loans can be difficult to get paid back but it’s not something that is impossible. If you can get a scholarship and then what you have left to pay you can always get a student loan. Then get a job to work and pay off that loan. It may seem like a lot of work but the outcome is going to be worth all the hard work.

Read More
1437 Words | 6 Pages

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.

Read More
771 Words | 4 Pages

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.

Read More
585 Words | 3 Pages

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.

Read More
378 Words | 2 Pages

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

Read More

More about Student Loan Benefits

Related Topics

Open Document