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
Not everyone entering college will finish graduating with a degree, which leaves a lot of debt and no degree. For those who don’t pursue a higher degree, there should be different options to learn skills needed for the work force. Short-term vocational and career training is all some jobs require, a lot of careers don’t require bachelor degrees. Skill sets that employers desire are pushed aside to prepare students for college. The concept of apprenticeship should be more active today, it trains faster and teaches management in the workplace first hand.
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.
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.
According to the Center of Economic and Policy Research, recent college graduates owe 85% more in student loans than their counter parts did a decade ago” (Time 6). Recent college graduates owe more in their student loans than the previous generation because millennials experienced an inflation of 85 percent or more in their student debt. This inflation of student debt demonstrates just how much more money millennials invest into their education as opposed to previous generations. For example, Adam Davidson of The New York Times emphasized: “Nearly 45 percent of 25- year olds, for instance, have outstanding loans with an average debt above $20,000” (2). Illustrating why millennials are so far behind in their transition to adulthood because more money is going towards their education than ever
Here's the story. You graduate high school you think you know what you're doing and go straight off to college. You’ve heard stories about college and its heavy expenses and life after it but still you think you could manage it with help of your parents or financial aid. After all, you do believe these stories are just “myths” to scare you away, therefore, you continue on with it. The first months go well and by the time you know it you're already in your second year.
A college’s main sours of revenue in tuition money which as previously stated, is four hundred percent more expensive than twenty years ago. People who are seeking the traditional path into the work force are forced to pay these crazy high prices and are enticed by a pretty residential life and the thought of new found independents. The reality of student debt have not set in yet. Student debt is at an all-time high with an average of 29,000 dollars per student. Because of the tradition of going to school and the amazing residential lives, it can be easy to recognize the severity of the situation you are putting yourself in.
In this essay, I will discuss a topic many people know all to well the burden of student loans, and should the government forgive all student loan debts. I will explain why I think that it is not totally a one-direction issue with a simple right or wrong answer. There are many factors to consider before you can totally blame the government, for loans that an individual choose to take on their own free will. On the other hand, the government should do a better job of making those aware of the pitfalls that exist in the reality of repayment. The aspiring college student has much to ponder in their quest to realize their dream of a successful career in the field they desire.
it’s 2016 and that average debt is probably double by now. Every day people do not have that much money to pay back their college debt. “About 70% of 2013 graduates left college with an average of $28,400 in debt” (Bidwell). $28,400 is about the price of a brand new car. This is thousands of dollars that students will have to work all of their life just to pay off.
Was it really worth it? The question most college graduates ask, when they receive their first bill from the US Dept. of education. The idea of student loans can be extremely deceiving, even after reading the fine print. Most students see them as a stepping stool, towards a more promising and financially stable future. Now it’s 4 years later, a degree has been obtained and students find themselves standing in the real world 50,000 dollars in debt and extremely overwhelmed.
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.
In today’s worldwide economy, there is a high demand for the best-educated post-graduate students in our industry. Hundreds of thousands of intellectually savvy students cannot afford to go to college, and those that can leave school with a colossal debt that haunts them for years after. As stated by presidential candidate Sanders, “That shortsighted path to the future must end. I will fight to make sure that every American who studies hard in school can go to college regardless of how much money their parents make and without going deeply into debt. This isn’t a radical idea.”
America began to see college tuition rates increase in the 1970’s and haven’t seen it stop since then, the rate is even outdoing inflation. One article put together facts from the Bureau of Labor Statistics and the Federal Reserve Bank of New York and found that college tuition and fees have increased by more than 1,122 percent since 1978 while the cost of housing and food rose less than 300 percent and the cost of medical care went up less that 600 (Quandt). The rates at which college tuition and fees are increasing are putting students in unmanageable amounts of debt. Keith Ellison, the U.S. Representative for Minnesota’s Fifth Congressional District, said that debt from student loans has become the largest form of personal debt in America,
Believe it or not, the land of the free is truly not free. According to a report by Bloomberg, since 1978, college tuition has gone up by a dramatic 1,120%. Because our college tuition is rapidly rising at an uncontrollable rate, it should be lowered considering it is proliferating at a pace that students can no longer pay for it. Tuition gives students unneeded pressure and problems, and there are ways to give colleges more money--aside from the students. Foremost, college tuition is rising at an alarming rate that is becoming nearly impossible to pay for it.
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.
