In today’s generation, some sort of secondary education is needed in just about every job type, whether it be through a four-year university or through apprenticeship. Because of the high demand for an educated worker, the government has begun to hand out loans to students in order to make a post secondary education more feasible. Although students are receiving more money from scholarships and grants than ever, this generation of students are also ending up more in debt than ever before. This is an effect to the shear volume of government money handed out: universities see that the government will pay for certain things for a student, so they have begun to charge more per student in order to take advantage of the free money.
Loans and grants …show more content…
Stated by USA Today, “she has nightmares about her debt. ‘I dream I 'm on a hot-air balloon, hanging on for dear life,’ she says.” It should be illegal for banks to lend out any one student that much money. The Schopp case is an example of a student debt that she will probably still be paying off by the time she starts to collect Social Security benefits. But Schopp is not the only example, it is shown by many recent studies and polls that “[s]udent loan debt outpaced credit card debt for the first time last year [2010] and is likely to top a trillion dollars this year as more students go to college and a growing share borrow money to do so.” Just thinking of the amount of credit card debt in America is scary, but to think that loan debts outpaced it for the first time five years ago is even more frightening. What is that statistic today? Has loan debts topped three trillion yet? In some cases, yes, student loans are needed to get through college and get a good, well paying education. However, there are those that will take advantage of the ones that do use loans and …show more content…
Perhaps the most relevant now would be the current President and First Lady. “‘We left school with a mountain of debt,’ Mr. Obama said in 2008. ‘Michelle I know had at least $60,000. I had at least $60,000... We did not finish paying them off until probably we’d been married for at least eight years, maybe nine.’” This success story does come with a but; Mrs. Obama confessed that “it took the royalties from her husband’s best-selling books to help pay off their loans.” My reaction to this is that it took eight-nine years for a couple to pay off their debts with the help of multiple best selling books? What does this mean for the rest of Americans that do not have the luxury of writing best selling books? How long does it take the average American to pay off loans and debts from
Loans and grants …show more content…
Stated by USA Today, “she has nightmares about her debt. ‘I dream I 'm on a hot-air balloon, hanging on for dear life,’ she says.” It should be illegal for banks to lend out any one student that much money. The Schopp case is an example of a student debt that she will probably still be paying off by the time she starts to collect Social Security benefits. But Schopp is not the only example, it is shown by many recent studies and polls that “[s]udent loan debt outpaced credit card debt for the first time last year [2010] and is likely to top a trillion dollars this year as more students go to college and a growing share borrow money to do so.” Just thinking of the amount of credit card debt in America is scary, but to think that loan debts outpaced it for the first time five years ago is even more frightening. What is that statistic today? Has loan debts topped three trillion yet? In some cases, yes, student loans are needed to get through college and get a good, well paying education. However, there are those that will take advantage of the ones that do use loans and …show more content…
Perhaps the most relevant now would be the current President and First Lady. “‘We left school with a mountain of debt,’ Mr. Obama said in 2008. ‘Michelle I know had at least $60,000. I had at least $60,000... We did not finish paying them off until probably we’d been married for at least eight years, maybe nine.’” This success story does come with a but; Mrs. Obama confessed that “it took the royalties from her husband’s best-selling books to help pay off their loans.” My reaction to this is that it took eight-nine years for a couple to pay off their debts with the help of multiple best selling books? What does this mean for the rest of Americans that do not have the luxury of writing best selling books? How long does it take the average American to pay off loans and debts from