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Student Loans Pros And Cons

693 Words3 Pages

With many students having exceedingly high student loans to pay back after graduation, it can sometimes be very frustrating having to use hard earned paychecks to pay for utilities, food, and other necessitates as well as student loans. Most of the time, students loan payments far exceed the amount of one’s annual paycheck earning. Social workers often have school loan debt that exceeds their annual salary. NASW collects stories of loan debt to assist in our efforts to advocate for loan forgiveness for social workers (National Association of Social Workers). The National Association of Social Workers (NASW), is promoting loan forgiveness for social workers as part of its on-going work to improve working conditions, salaries, and other benefits …show more content…

Although the NASW is a proud advocate of student loan debt forgiveness, it is not eligible to actually offer debt forgiveness to students. However, the NASW does in fact allow the presentation of scholarships to students who are eligible in order to help students with their student loans (National Association of Social Workers). While there limited ways social workers can receive student loan forgiveness, there are at least three federally authorized loan forgiveness programs available to social workers: College Cost Reduction Act of 2007, National Health Service Corps Loan Repayment Program, and Higher Education Act, which will all be covered in the proceeding paragraphs (National Association of Social …show more content…

The goal of the National Health Service Corps is to expand access to healthcare services and improve the health of people who live in urban and rural areas where healthcare is scarce. If one is not able to complete the entire two years of practice, up to $25,000 is available for those who agree to practice half-time (Funding Details: National Health Service Corps Loan Repayment Program - Rural Assistance

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Pros And Cons Of Student Loan Debt

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The Pros And Cons Of Student Debt

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Emily Fischer Writing 122 Mr. CD 08 March, 2024 Student Debt Relief Student debt relief is a SAVE plan policy which provides relief for those who have taken out $12,000 or less in student loans. The Supreme Court recently struck down this bill, stating that, “the Biden administration does not have the authority to wipe out nearly half-a-trillion dollars in student debt.” (CBS News). Student loan forgiveness should be instated as it would benefit millions of people financially, which would help the current economic situation and allow people to purchase houses for the first time in their lives. As prices rise, people are struggling to afford college tuition and the cost of living continues to rise, all while wages have stayed the same.

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1506 Words | 7 Pages

It may be necessary for you to consider student loan consolidation. When you were busy in college with your studies you probably did not give much thought to the pros and cons of having multiple student loans. Chances are you took out different student loans with different variables. Some of your loans may have a fixed rate while others may have a veritable rate not only that, you probably have different repayment terms for each student loan you have. Have multiple student loans and having to make multiple payments throughout the month can wreck havoc and cost you hundreds of unnecessary dollars each month.

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The Pros And Cons Of Student Loans

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There are many misconceptions about student loan refinance options. While some are just from confusion about the choices available, other myths arise from companies that try to scam consumers. For many, student loan refinancing can help you get back on your feet and begin making payments. Understanding the common myths about student loan refinance options can help you find the best ways to refinance your loan.

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Pros And Cons Of Forgiving Student Loan Debt

930 Words | 4 Pages

Before starting my research for the debate, I stopped to think to myself what forgiving student loan debt meant to me. I thought about how forgiving a student’s loan would affect me and if it is a good idea or not. The words “forgiving student loan debt” was logical to me but what came with the debt being forgiven I had thought about. Nobody would turn down having their debt gone but maybe they would be against it if it weren’t their debt being taken away. For the first debate in class I was assigned the pros side to forgiving student loans.

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When I was ten years old, my brother, John, decided to go to Miami University. I had little thought about what college he would attend, or even how much it would cost. But as I reach the same age as him, I am filled with an abundance of questions about college. One of the questions was about money, more specifically college debt. With me having to pay for most college like my other brothers, I researched if college loans are good debt or a bad investment.

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The Pros And Cons Of Student Loan Debt

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“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).

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Students’ loans are the help to achieve students’ goals. However, students’ paid a higher price for have a better education, but they never imagine that to finish a bachelor or master they are condemned to carry a huge loan on their life as having to return all the money they got for finishing their education. According to, Real Life Student Debt Stories, Scrubb White said, “I will not got into debt never in my life,” (Par 7). Scrubb White It is one of many people that living with an enormous burden for many years for a student loan duty; he graduated with honors in 1974 with a degree in Accounting.

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Student loan debt is a crippling crisis, and it has affected many college students, especially those who find themselves unable to repay their loans. For many college students, access to higher education is the gateway to a better life, and education is necessary to improve their socioeconomic status and obtain better-paying jobs. Asha Banerjee, policy analyst for the Center for Law and Social Policy, says, “Today, more than 45 million Americans are struggling with student loan debts” (Banerjee 1). The increasing cost of college/higher education is forcing students to borrow and finance their education at a costly rate. The student loan debt crisis is slowing the national economy, and consumer spending is linked to personal finances.

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Summary: The Consequences Of Student Loans

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In Atkinson, (2009) “The difference principle requires that inequalities in a society should work to the greatest benefit of the least advantage.” The goal of student loans has been to make higher education affordable particularly for those who would otherwise not be able to attend. The negative consequences of student loans is an increase in defaults, which is only making those who offer loans more reluctant to lower the cost. Another result, is minorities and women still receive fewer higher degrees among the groups studied. Most people want to pursue a higher education but are weary of the future cost associated.

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Negative Effects Of Student Debt

280 Words | 2 Pages

Another negative impact that student debts has on the U.S economy originates from the impact is has on small businesses. It is acknowledged that small businesses are the backbone of the United States economy. According to the United States Small Business Administration, these small business's account for one-half of the private sector economy and 99% of all business. (Brent Ambrose) Additionally, 60% of new jobs conceived in the private sector were done by small businesses.

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Student Loans Benefits

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.

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Rising Cost Of College Essay

817 Words | 4 Pages

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

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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.

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378 Words | 2 Pages

Student loan debt loads have been spiraling, doubling over the last decade, and the enrollment rates of young people from lower socio-economic groups are rising far slower than middle and upper groups. Governments must recognize the renewed public investment in post secondary education is an economic and social imperative. 6.7 million borrowers in repayment mode are delinquent (Snider 1). The sad fact is that many lenders aren't exactly incentivized to work with borrowers. Unlike all other forms of debt, student loans can't be discharged in bankruptcy.

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