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
04 Dec. 2016. In USA Today’s article by Sandra Block and Christine Dugas titled “Five Proposals to Solve $1 Trillion College Loan Crisis,” the authors mention five ways to solve the student debt crisis in America, illustrating things like Bankruptcy reform, loan forgiveness, increasing federal pell grants, and the education of borrowers. Evaluating this article, it provides an informative view on the solution of student debt, and overall expresses many different spectrums on ways we can solve this social problem. The five ways to solve this problems
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.
Bankruptcy is a financial remedy reserved for frantic situations. Student loans are the only form of consumer debt which have considerably different bankruptcy rules. Before 1978, any student loan debt , whether it was private student loans or federally funded loan, was dischargeable in bankruptcy, without any exceptions. Eventually in 2005, a new law was passed to avoid almost 100% of private student loans from qualifying for bankruptcy discharge. Student loans are generally non-dischargeable in bankruptcy.
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.
“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).
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
Joseph 1 Tre Joseph 1302 Professor Jenkins 10/12/15 New York attorney Robert Applebaum’s and economist Justin Wolfers essay's debate on student loan debt applebaum’s "Debate on Student Loan Debt Doesn’t Go Far Enough”, attests that the U.S. has a financial crisis’ on it's hands and that, unless the U.S waives the present student debt(over $1 trillion) the economy will nose dive. Applebaum writes an over-passionate and panicked paper. Applebaum’s essay is absent of sensible logic, practical validity and is riddled with unreasoned assumptions. Justin Wolfer's "Forgive Student Loans? Worst Idea Ever", argues that forgiving student debt would only contribute to a financial crisis.
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
Debt caused by student loans is unnecessary when going into training, education, or college. Students take out student loans because they do not have enough money to travel through their higher education without going broke. It is possible to finish college without taking out student loans. Way to prevent debt after college is to apply for as many grants or scholarships as you can and to save up for college while still in high school. Both of these methods will help you avoid taking out student loans that jumpstart your debt in adult life.
Purpose: The recession of 2008 had a financial impact in many ways, one of the significant impacts that affected us is student debt. The government was giving less support to education, so to recoup tuition and fees increased. The fact of providing less support made student loans more popular; The tuition was already expensive in the U.S., and not many people could afford it, but many people need to get higher education to get good jobs. This circumstance made a lot of students use student loans.
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.
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.
The total U.S. student loan debt now surpasses $1.2 trillion and there is more than 40 million recipients owing on federal and private student loans (Malone). Most of the college students in the United States can’t afford their education by themselves and, as a result, students end up drowning in student loans in order to earn a degree. Student debt is a major problem in the US, and it is a major influence on the gap between rich and poor. A more accessible college education would help reduce the gap between rich and poor in the United States.
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.
