In this article, A lifetime of student Debt? Not Likely, Robin Wilson argues that student- loan borrowing is threatening the financial future of today’s college students. According, to
Michael S. McPherson, an economist and president of the Spencer foundation, students “more often, the problem among students who go heavily into debt is that they are determined to attend their dream college, no matter the cost.” His argument is that students who attend the best colleges will enroll no matter how much the cost will be. For room and board college cost an average of 18,326 a year, but should be less because of financial aid that’s available, but students are borrowing much more like, 40,000. Robin Wilson and others say “it’s not that college is …show more content…
Asher states high student debt “can ruin someone for life” Many students try to postpone repayments on their own for years so they can afford their rent or food. The problem is when you postpone payments borrowers find themselves owing more because interest rates keep raising during deferments and after a default, the amount a borrower owes soar. This is what happened to Alan M. Collinge, founder of student loan justice (.org) Mr. Collinge took out 38,000 in loans, which included 1,500 for an undergraduate degree and 23,000 for a master’s program. Mr.
Collinge took a job that paid 35,000 a year. Mr. Collinge quickly found himself as a victim of the student loan debt. Mr. Collinge was in a car accident that cost him 1,500, he realized he couldn’t pay his $362.00 a month on his student loans and his medical bills, he had his student loans
Martin1
postponed until he could start paying them again not knowing the student loan was building interest. Now that Mr. Collinge paid his medical bills off and he was ready to pay his …show more content…
While this may be the case for some students paying month after month for many years, it doesn’t change the fact that going to school is the best investment they can do in a life time. Time in time we often hear bad stories about how someone’s massive debt ruined their life and how they can’t have what they want, and I know stories like that can be distracting; However we can’t forget the good stories on how a student are able to get the education they dreamed and managed to have a normal life. I remember a quote by Patrick M. Callan “The only thing worse than borrowing, is not borrowing and going to college.” Robin Wilson brings up a point in his argument, that there are many alternatives to student loans and to not live in fear of debt, because students have many opportunities to receive money for college such as Grants, or even a loan from bank with low interest rates. I personally believe college is the best investment for a better future, and that worrying out of fear that
Michael S. McPherson, an economist and president of the Spencer foundation, students “more often, the problem among students who go heavily into debt is that they are determined to attend their dream college, no matter the cost.” His argument is that students who attend the best colleges will enroll no matter how much the cost will be. For room and board college cost an average of 18,326 a year, but should be less because of financial aid that’s available, but students are borrowing much more like, 40,000. Robin Wilson and others say “it’s not that college is …show more content…
Asher states high student debt “can ruin someone for life” Many students try to postpone repayments on their own for years so they can afford their rent or food. The problem is when you postpone payments borrowers find themselves owing more because interest rates keep raising during deferments and after a default, the amount a borrower owes soar. This is what happened to Alan M. Collinge, founder of student loan justice (.org) Mr. Collinge took out 38,000 in loans, which included 1,500 for an undergraduate degree and 23,000 for a master’s program. Mr.
Collinge took a job that paid 35,000 a year. Mr. Collinge quickly found himself as a victim of the student loan debt. Mr. Collinge was in a car accident that cost him 1,500, he realized he couldn’t pay his $362.00 a month on his student loans and his medical bills, he had his student loans
Martin1
postponed until he could start paying them again not knowing the student loan was building interest. Now that Mr. Collinge paid his medical bills off and he was ready to pay his …show more content…
While this may be the case for some students paying month after month for many years, it doesn’t change the fact that going to school is the best investment they can do in a life time. Time in time we often hear bad stories about how someone’s massive debt ruined their life and how they can’t have what they want, and I know stories like that can be distracting; However we can’t forget the good stories on how a student are able to get the education they dreamed and managed to have a normal life. I remember a quote by Patrick M. Callan “The only thing worse than borrowing, is not borrowing and going to college.” Robin Wilson brings up a point in his argument, that there are many alternatives to student loans and to not live in fear of debt, because students have many opportunities to receive money for college such as Grants, or even a loan from bank with low interest rates. I personally believe college is the best investment for a better future, and that worrying out of fear that