Negative Effects Of Student Loans

Improved Essays
On the surface, college student loans appear to provide students with a fantastic opportunity by allowing young people to continue their education and further their careers. However, taking out student loans could be a material cooperation of evil. For instance, Alan Collinge, author of The Student Loan Scam: The Most Oppressive Debt in U.S. History – and How We Can Fight Back, had taken out loans to complete three degrees in aerospace engineering that totaled out to be $38,000 (vi). By the time Collinge graduated, his loans had totaled to almost $50,000, which he consolidated with Sallie Mae (vi). Although Collinge was able to continue making regular payments, he had missed just one payment, which resulted in late fees being tacked on

Related Documents

  • Improved Essays

    In “Debate on Student Loan Debt Doesn’t Go Far Enough”, Robert Applebaum expresses his concerns when it comes to student loan debt. Applebaum is a graduate of Fordham University of Law who initiated a petition for student loan forgiveness which later was published by The Hill in 2012. Applebaum came up with a proposal of a plan which involved “automatically withdrawing ten percent of the debtor’s income and at 45,000 the loan would be forgiven”. In his essay, Applebaum exclaims that students these days have to mortgage their education because tuition is too expensive due to new stadiums and six-figure administrative salaries. Applebaum believes that student loan forgiveness should be made available to all graduates because a higher education is “a right, not a commodity reserved only for the rich”.…

    • 1011 Words
    • 5 Pages
    Improved Essays
  • Great Essays

    A student can only do so much when it comes to borrowing money. In some cases, money can be the reason why students cannot or decides not to finish school. Many young adults have the goal to continue their education after high school and only some finish college without owning a single cent to the bank, while others struggle to manage debt after graduation, and sometimes those who drop out and have to pay for an unreceived credit. Or so to speak. One such student and former assistant district attorney, author Robert Applebaum, wrote “Cancel Student Loan Debt to Stimulate the Economy” after he realized he could not support himself nor pay off his student loans while working as an assistant DA.…

    • 766 Words
    • 4 Pages
    Great Essays
  • Decent Essays

    In the article “Sentenced to Debt”, authors Scot Ross and Mike Brown accentuate the battle between higher learning organizations and big suit legislation to come up with an agreeable solution to the financial aid plight troubling millions of Americans. The majority of college students are burdened with lifelong debt in suit of pursuing their childhood career aspirations and often detracting from other pecuniary objectives such as vehicle or property ownership. At the beginning the writers use 2 individuals from separate walks of life as a model examples of the catch 22 that has become a finical crisis topic of recent years affecting all social classes by significantly decreasing turnover ratio following investing in a college degree; interest…

    • 306 Words
    • 2 Pages
    Decent Essays
  • Improved Essays

    College Cost Analysis

    • 1133 Words
    • 5 Pages

    Paying for College (An Analysis of The Rising Cost of College and the Modern Methods Used to Combat it) “Life has become the future. Every moment of your life is lived for the future--you go to high school so you can go to college so you can get a good job so you can get a nice house so you can afford to send your kids to college so they can get a good job so they can get a nice house so they can afford to send their kids to college” (Green, 2008). A summer 's work at minimum wage use to easily pay for a whole year of college tuition. Today even if minimum wage was doubled, working all summer could barely pay for half the years tuition and fees. This has obviously become problematic, due to the fact that, in today 's job market, it is nearly…

    • 1133 Words
    • 5 Pages
    Improved Essays
  • Improved Essays

    The majority of United States citizens want to attend college, but some simply feel they cannot afford it. College is expensive but there are ways to make it more affordable such as grants, scholarships, and student loans. Plenty of opportunities are given to college students to help pay for their tuition, but many don’t take advantage of these great opportunities. As a result, it has created an endless debate on whether student loans are affordable or if they are a crisis within the country. Allan and Thompson offer a great argument for the affordability of student loans, while Lewis and Zaidane take the other side of the debate and argue that student loans are a crisis for many college students.…

    • 1006 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    Many college students believe that they will end up making more money than their uneducated peers. There are many citizens who are unaware that they have the potential to live a world of debt after graduating. Robin Wilson, author of the article “A Lifetime of Student Debt Not Likely”, clearly concludes that student debt is unlikely in the title of the article itself. The real truth is student debt can be highly likely. Although it is easy to agree with Wilson’s conclusion it is easy to see debt in an entirety can also be prevented.…

    • 696 Words
    • 3 Pages
    Improved Essays
  • Superior Essays

    Social Location Analysis

    • 1006 Words
    • 5 Pages

    Students across the country are facing a mounting challenge upon graduation. This challenge is not one that is easily surmounted or circumvented. The challenge is also not limited in scope to one social class or geographical region. The challenge facing more and more students every year is student loans. The loans themselves are not the issue, but rather the excessive amount of debt that tends to follow.…

    • 1006 Words
    • 5 Pages
    Superior Essays
  • Improved Essays

    Majority of the people in the United States today have debts from their college education. The ridiculous amount of college tuition has put many Americans into a tough situation. Politicians and public figures have urged the youth of America to pursue a college education. However, private and public universities continue to inflate their college tuitions giving students no choice but to pay up for a “brighter” future. This continuous trend has buried newly grads with an uncontrollable debt.…

    • 814 Words
    • 4 Pages
    Improved Essays
  • Great Essays

    It’s hard to believe that once upon time, Americans did not have the dreadful worries of finding a way to prepare for the financial necessities for college. Now, college is becoming more of a dream rather than a reality as high tuition rates becomes the number one reason why Americans are not advancing themselves into higher education. In some cases, there are college students who receive full-ride scholarships to the college they desire; however, the majority of those who do go to college do not obtain the same luck. Those students who do continue their education and go off to college find themselves short of financial aid, out-of-pocket cash, and even scholarships. This causes students to resort to taking out a student loan.…

    • 1550 Words
    • 7 Pages
    Great Essays
  • Superior Essays

    Student Loan Debt Research

    • 1056 Words
    • 5 Pages

    Student loan debt is one very important topic when referring to a college education and life afterwards. Over the years, many students have been left to face problems socially, economically, and psychologically after their graduation. Many expect to get high paying jobs and a stable income, to payback their loans. However, that may not be as easy as it seems. Student loan debt is beginning to take over.…

    • 1056 Words
    • 5 Pages
    Superior Essays
  • Improved Essays

    Student Loan Debt

    • 383 Words
    • 2 Pages

    Student loan debt is one of the many financial issues that we in America are faced with today. Not only does this debt have detrimental effects on the economy, but it is directly affecting students who would like to pursue an education, but fear the dreaded debt that accompanies it. Graduates are completing school with exorbitant amounts of debt and are being expected to start making payments within 6 months of completing their degree. How are students expected to start living their lives with massive amounts of debt after freshly graduating school? This issue is increasingly important to me because I am one of the students that will have to be dealing with this issue in not too long.…

    • 383 Words
    • 2 Pages
    Improved Essays
  • Superior Essays

    Student Debt Causes

    • 1036 Words
    • 5 Pages

    The student debt crisis is more apparent today than ever before. With student loan debt in excess of 1.3 trillion dollars, and rising at a rate of 3,000 dollars per second, it is easy to see why so many consider this a crisis. This is affecting 43.3 million Americans who split the debt in a negative manner. In April, the Education…

    • 1036 Words
    • 5 Pages
    Superior Essays
  • Improved Essays

    Student Debt

    • 1052 Words
    • 5 Pages

    Sixty percent of college graduates have an average debt of $16,033 (Gitlen). In 2010, Americans owed more than $875 billion on student loans, now that number has reached $1.3 trillion (Gilten). Many students do not get enough scholarships or grants to pay for the traditional four-year university, so they take out student loans. According to Beth Braverman, a writer for The Fiscal Times, “Those who need to borrow a large amount of money to finance their education, or who are going into a profession that doesn’t pay very well, will have more financial security if they attend a lower-cost school and don’t have to struggle with substantial debt payments after graduation.” (Braverman, par 6).…

    • 1052 Words
    • 5 Pages
    Improved Essays
  • Improved Essays

    Essay On Student Debt

    • 1075 Words
    • 5 Pages

    Recent state disinvestment in public universities has led to tuition increase, forcing students to borrow more than ever before. As a result, over 20% of these students are denied loans for other things, like purchasing a home, buying a car, or starting a business all because student debt has negatively impacted their credit. Student debt diminishes a student’s purchasing power and stops them from being productive members of society and this directly and…

    • 1075 Words
    • 5 Pages
    Improved Essays
  • Decent Essays

    The causes and effects shown above provide the idea of how much damage student loans can cause. It is being stuck between a rock and a hard place for students as they strive to obtain their degrees for a better, more stable future and in return are being dragged down by debt, long after graduating, that was traded for their…

    • 61 Words
    • 1 Pages
    Decent Essays