Many American students suffer with college debt. The average student that graduates with a bachelor’s degree leaves the university with more than $30,000 in debt. Students that graduate with graduate degrees can end up leaving their universities with more than $100,000 in debt. Living with that type of debt has caused many Americans to put a lot of the plans they had post- graduation on hold. Average people have a hard time paying bills and living day to day already and with the added stress of school loans for many it can become unbearable. Student Loans should be forgiven under certain circumstances as in the “Public service agreement” that allows a student debt to be forgiven only after a person has done their work for the community for
…show more content…
Such as giving young entrepreneurs more money to advance their careers and businesses. Students leaving college after their undergraduate degree usually have loans that would take years, if not multiple decades to pay off. The graduating high school student of 2015 is expected to have a debt of almost 35,000 dollars. That alone is someone’s yearly salary. Federal government has made ways for a common person to lower their debt and eventually acquire loan forgiveness. The plans are so new that many people do not understand how they work nor how well they actually help borrowers. Sophie Quinton addresses how many students take out loans because of the belief that working certain jobs will pay off your loans, which is often incorrect. She concludes that “policy adjustments are needed to ensure that students don’t get too comfortable taking on debt and institutions don’t get too comfortable charging high …show more content…
Unburden them and the housing market might improve, along with the overall economy. The uses of the extra government money and how it would be more useful if it was spent on forgiving student loan debt instead of things like bank and auto bail outs.
People that do not accept the forgiveness of student loans are the tax payers that do not want their money not to be paid back in one way or another but what they do not understand is that whenever someone gets their loan forgiven they have to make payments for at least twenty years before they can get granted forgiveness. In King, T., & Frishberg, I. (2001). Big loans, bigger problems: A report on the sticker shock of student loans. (ERIC Document Reproduction Service No. ED 470027) Author discusses on how students experience a shock when after graduation they find their college debt is much larger than they expected. If they do not understand loan repayment and loan costs, they borrow more than they can afford and experience difficulty in paying their loans. The study investigated students ' understanding of student loan
Such as giving young entrepreneurs more money to advance their careers and businesses. Students leaving college after their undergraduate degree usually have loans that would take years, if not multiple decades to pay off. The graduating high school student of 2015 is expected to have a debt of almost 35,000 dollars. That alone is someone’s yearly salary. Federal government has made ways for a common person to lower their debt and eventually acquire loan forgiveness. The plans are so new that many people do not understand how they work nor how well they actually help borrowers. Sophie Quinton addresses how many students take out loans because of the belief that working certain jobs will pay off your loans, which is often incorrect. She concludes that “policy adjustments are needed to ensure that students don’t get too comfortable taking on debt and institutions don’t get too comfortable charging high …show more content…
Unburden them and the housing market might improve, along with the overall economy. The uses of the extra government money and how it would be more useful if it was spent on forgiving student loan debt instead of things like bank and auto bail outs.
People that do not accept the forgiveness of student loans are the tax payers that do not want their money not to be paid back in one way or another but what they do not understand is that whenever someone gets their loan forgiven they have to make payments for at least twenty years before they can get granted forgiveness. In King, T., & Frishberg, I. (2001). Big loans, bigger problems: A report on the sticker shock of student loans. (ERIC Document Reproduction Service No. ED 470027) Author discusses on how students experience a shock when after graduation they find their college debt is much larger than they expected. If they do not understand loan repayment and loan costs, they borrow more than they can afford and experience difficulty in paying their loans. The study investigated students ' understanding of student loan