Student loans and student loan defaults are a major issue in America that is not getting any better. Higher education is pushed at all levels of life as a way to get a better and higher paying job, and subsequently have a more fulfilling life. The problem is, that it is great in theory, but not always applicable to real-world experience.
More and more for-profit colleges and trade schools have been created due to the amount of money to be made by individuals having the availability of getting student loans without any due diligence for the individuals receiving the loans or the schools that they are attending.
Approximately 50% of individuals who attempt to obtain a higher education do not graduate or receive a certificate. Yet, the government and private lenders continue to …show more content…
Yearly tuition and other costs have by far outpaced inflation. Yet, money is still given out for students to attempt to receive a higher education, when 50% do not accomplish this, but still acquire the debt. Of those who do graduate, a majority end up getting lower-paying jobs to where they cannot afford student loan payments along with life’s various other unavoidable costs.
I believe this issue should be pushed through public policy. As long as they keep lending money and colleges take it regardless of the outcome for the student, it will just continue to get worse. Imagine any other system that would allow you to pay thousands upon thousands of dollars and give you a 50% success rate, with the other 50% walking away with large amounts of debt and nothing to show for it.
I believe that we are facing a moral, ethical and financial problem to purposely default on your student debt. The majority of these loans are cosigned by parents or other close relatives who will be forced to pay the debt if the student
More and more for-profit colleges and trade schools have been created due to the amount of money to be made by individuals having the availability of getting student loans without any due diligence for the individuals receiving the loans or the schools that they are attending.
Approximately 50% of individuals who attempt to obtain a higher education do not graduate or receive a certificate. Yet, the government and private lenders continue to …show more content…
Yearly tuition and other costs have by far outpaced inflation. Yet, money is still given out for students to attempt to receive a higher education, when 50% do not accomplish this, but still acquire the debt. Of those who do graduate, a majority end up getting lower-paying jobs to where they cannot afford student loan payments along with life’s various other unavoidable costs.
I believe this issue should be pushed through public policy. As long as they keep lending money and colleges take it regardless of the outcome for the student, it will just continue to get worse. Imagine any other system that would allow you to pay thousands upon thousands of dollars and give you a 50% success rate, with the other 50% walking away with large amounts of debt and nothing to show for it.
I believe that we are facing a moral, ethical and financial problem to purposely default on your student debt. The majority of these loans are cosigned by parents or other close relatives who will be forced to pay the debt if the student