Funding America 's Education : New Student Loan Repayment Plans

1543 Words Dec 7th, 2016 7 Pages
Funding America’s Education: New Student Loan Repayment Plans
Higher education in the United States is rather costly, and most students choose to offset this by taking out student loans to fund college. The issue with most current student loans, however, is that they are not effective in paying for a student’s college without leaving an exceeding amount of debt post-graduation. Higher education is beneficial to society, and the United States government should provide more aid in this department. Currently, what is beginning to be implemented is income-driven repayment on student loans and Public Service Loan Forgiveness. These programs allow graduates to pay back their student loans proportionally to their income rather than a set rate. If they are not able to pay off their debt within a certain amount of time, then their debt is forgiven. These programs are beneficial because it allows the government to encourage more people to achieve a higher education without the worry of student loan debt post-graduation and helps eliminate massive amounts of oppressive student loan debt.
Student loans have been around for a while, but different ways to repay them are a new concept. The origin of student loans in the United States can be traced back to the National Defense Education Act. Student loans have drastically changed since then, morphing into more of a business-like handling rather than a necessity for the well-being of society. The idea of income-based repayment plans and…

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