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Pros and cons of student loans essay
Pros and cons of student loans essay
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Hello, Professor Gray, The lost loan repayment plan would have a positive impact on the taxpayers by working with your loan servicer to choose a federal student loan repayment plan to make loan payments more fordable giving the loaner more time to repay their loans based on their income. Student loan debt is referred to as installment debt, which means you have fixed payments for a specific period of time. The interest you pay on your student loans is tax deductible that would put additional funds that could be used to purchase items that would increase spending with will help build the
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.
The Trap of Student Loans Student loan debt is becoming an increasingly startling problem. Rising costs of college and lack of financial aid is driving students to take out loans that offer only high-interest rates and inflexible repayment options which can trap students in a vicious cycle of debt and default. The best solution to this problem is to have federal funds donated to all public colleges’ endowments yearly to use the money to offer more financial aid, require all public colleges to provide a minimum amount of financial aid based on expected income of the student and family, and to require that all student loans be subsidized with interest rates not exceeding 0.5%. The costs of going to college have risen tremendously and are continuing
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
So many successful adults till this day are paying back their college debts. Over the years, some are able to pay back their debts in college and others are not able to and are still struggling, due to having to pay other debts that they may have. In some cases, some people drop out of college just so they will not have to owe so much money, but to drop out for that reason is not good. There are several of ways to stay away from college debt and that is getting scholarships, saving money before going into college, and also attending a community college instead of jumping to a university. College debt is a large amount of money that a college student will have to pay back within a certain amount of years after graduating.
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.
College. Time is one of the most valuable things we have in this life. Why waste the time on a college when you 're not even sure of graduating .While many parents would disagree with the idea of not going to college, the research shows “Over 25% of students who enroll in college do not return for the second year. ”(Schneider).
The student loan debt has currently surpassed the 1 trillion dollar mark in the United States. A student loan is the same as other loans because it will actually make your credit score go down. Student loans are going to make you lose a lot of opportunities when defaulted. However, I was in the same boat and I am going to definitely show you how you will be able to pay off your student loans in these simple steps. 1.Budget.
Have a Positive Attitude Yes, you may be in a large amount of student loan debt, but that’s ok. You’re not alone. There are many graduates out there in a similar situation as yourself. If you are comfortably making monthly payments on top of your other bills, then this is great news; you are in good 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.
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.
Paying for the first two years of college leads to more debt for not only yourself, but the college that you choose as well. In America, 70% of college students are in debt. To be more specific we are currently $1.2 trillion in student debt. The reason being is because college is just simply to expensive.
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
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
What if there was some kind of magical bridge of happiness in between highschool and college? There are some that feel gap years are a bad idea because of the risk of not returning to school. However, according to Chris Teare of Forbes, the return to college rate is 90%. In fact, students who take a gap year are more likely to finish college in four years than those who enroll directly after high school.