Why Is It Hard To Pay 6.8 % Of Interest In Student Loans

Decent Essays
The student loans are getting a higher percent and student cannot pay that much, they should not rise the percent in the student loans because it makes it harder for them to study because they have to find a job and that can take time from them, instead of using it in their studies.
Students get worried that when they finish college they will have to work hard to pay all their loans, and when the interest rate goes up, that’s when the students thinks that it’s better to quit college than keeping their loans going higher, students does not want to worry about the loans when they are in college, loans shouldn’t be a worry before graduating from college.
There are some students that pay 6.8% of interest in their loans because they can afford it,

Related Documents

  • Improved Essays

    The number of American students in debt keeps increasing day after day. To make matters worse, most of these students happen to come from low income families. So their families are already struggling to make ends meet in their household, but not only that, now they also have to worry about an extra burden upon their shoulders; college tuition. Many students who can't afford to pay these large amounts, usually end up dropping out or putting their careers on hold. According to a statement in the reading, "Almost one in three Americans in his or her twenties is a college dropout, compared with one in five in the late 1960s.…

    • 575 Words
    • 3 Pages
    Improved Essays
  • Superior Essays

    Student Loan Debt Research

    • 1056 Words
    • 5 Pages

    So the burning questions in the back of all of our minds are “when can we get some relief?” The Government is all too happy to come to the rescue of drowning business owners, but not quick enough at all to come to the rescue of the victims of a new economic problem, “Student Loan Debt”. What is being failed to realize is that saving students from debt will in the end stimulate the economies capital. As long as so many students are falling into student loan debt, they will never properly get on their feet, which mean there is no room to save money. This also means they will not be financially available to buy a home, a car or even start a family…

    • 1056 Words
    • 5 Pages
    Superior Essays
  • Superior Essays

    Minimum Wage In Canada

    • 1596 Words
    • 7 Pages

    High interest rates for government funded student loans are often critiqued as a means to generate revenue for the government, instead of investing in the economic leaders of tomorrow (Kielburger,…

    • 1596 Words
    • 7 Pages
    Superior Essays
  • Great Essays

    Student Debt Economy

    • 1818 Words
    • 8 Pages

    Student Loan Debt and the Economy Ever since the idea of going to college was created students have always worried about how they were going to pay for it. In 1958 the government thought of a solution and the first federal loans for college were introduced (New America Foundation). shortly after former students started to struggle with paying them back, 57 years later students are still fighting the same battle. with interest rates and the costs of tuition rising students are still encountering the same hassle if not even worse.…

    • 1818 Words
    • 8 Pages
    Great Essays
  • Decent Essays

    Student Loan Debt

    • 337 Words
    • 2 Pages

    There is many problems with student loans. College is a choice that everyone has but, A Lot of people have trouble paying for college. Americans owe over 1.4 trillion dollars in student loan debt. People are not making enough money to pay it back. The interest rates are going up as we speak.…

    • 337 Words
    • 2 Pages
    Decent Essays
  • Great Essays

    Colleges are like a double edged sword, they help people reach a higher level or learning but they also carry the potential to bury that same person in a mountain of student debt. People always think about what they can do to further their life, and a big part of that thinking revolves around how they are going to or even if they are going to attend college. The thought of the tuition fee and rising costs discourages some from taking that step towards a higher education, but for some, and unfortunately others, they choose the path towards bettering their minds and have to pay the price, literally. There are ways to reduce costs through special programmes but even that isn’t enough sometimes. What’s needed is someone or something to step in to help secure the bright futures of every future academic.…

    • 1668 Words
    • 7 Pages
    Great Essays
  • Superior Essays

    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.…

    • 1447 Words
    • 6 Pages
    Superior Essays
  • Improved Essays

    As the demand for a college degree is on the rise, so is college tuition costs. The cost of college tuition has increased more over the past few years than ever before. As Nicole Allan and Derek Thompson state in their essay, The Myth of the Student-Loan Crisis, “The costs of college has spiked 150 percent since 1995, compared with a 50 percent increase in the costs of other goods and services” (380). To help pay these unbelievable cost increases, student loans climb as well, putting…

    • 1043 Words
    • 5 Pages
    Improved Essays
  • Improved Essays

    General Purpose: To persuade Specific: To convince the auidence that the benefits of obtaining a college degree outweigh the temporary costs Introduction I. Attention Getter: Did you know that, according to a recent Census report, individuals who have a bachelor’s degree earn, on average, $2.1 million over the lifetime— nearly two times as much as workers with only a high school diploma? II. Central Thesis: The more education you have, the more benefits you will receive.…

    • 835 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    Student debt is an epidemic that has taken over the nation, and students are unaware of its ramifications. Schools know that students are willing to pay the high costs for a quality education, however, students do not always know how to pay for their schools. A part of this problem is that students are unaware that there are options other than student loans, there is a way to minimize their impact, and students believe many myths about scholarships that discourage them from seeking them out. Students need to be aware of their options to minimize the impact of student loan debts and should inform others who struggle to pay for their higher education. There are students who are unaware that student loans can be detrimental to their current and future financial state.…

    • 728 Words
    • 3 Pages
    Improved Essays
  • Improved Essays

    Student debt seems to be a growing problem. Not only for the students, but for the parents and schools. In a survey, 95 percent of parents said that college education is very important, 25 percent do not plan to help their child pay for their college, and 46 percent said their children should fund at least some of the cost of college. Students will see more of their debts forgiven than previously thought. More than $108 billion in student loans will be forgiven over the next 10 to 20 years.…

    • 312 Words
    • 2 Pages
    Improved Essays
  • Superior Essays

    Without student loans, people would not be able to give back to the economy because they will not be able to realize their career goals. The U.S. is currently 19 trillion dollars in debt and has been for years, yet the economy can still manage to operate past its means. American federal officials cannot fix this crisis on a national level simply by cutting funds for education and deriving people of their right to the pursuit of happiness through knowldege. The student loan process gives Americans the incentive to go to college in order to boost the economy as well as pay off their debts. If the federal student loan interest rate were lowered, the economy would prosper with more people gaining the incentive to pay back their student…

    • 1292 Words
    • 5 Pages
    Superior Essays
  • Improved Essays

    Best, J., & Best, E. (2016). The shifting landscape for student loans. Society, 53(1), 51-55. doi:10.1007/s12115-015-9972-5 This scholarly article discusses how student loan policies are leading to repayment problems for graduate students. It discusses how the majority of policy proposals are set up for students with higher loan balances rather than those with lower balances.…

    • 1145 Words
    • 5 Pages
    Improved Essays
  • Improved Essays

    In today’s American society, the average college graduate leaves college with a whopping $37,172 in student loan debt. Crippled by constant payments, many struggle to keep up with payment plans. On top of that, federal student loans encompass an interest rate, which has a limit of 8%. Because the interest rates are so high, graduates can end up paying double the original loan amount. Coming from a large family, I have had first hand experience with the effects of student loans, and what it can do to a blossoming individual looking to start a new life.…

    • 822 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    Essay On Student Debt

    • 1075 Words
    • 5 Pages

    Student loan debt has increasingly become an issue, not only for those who have acquired it and must deal with it, but also for the economy. To function normally in today’s society, pursuing a college education is a requirement for those who want a high paying job. With this decision, students also decide to take on large amounts of student loan debt and the long-term turmoil that it inevitably leads to. Student loan debt impacts students purchasing power which negatively impacts the economy. Over 42 million people owe $1.3 trillion in student loans (Rosato).…

    • 1075 Words
    • 5 Pages
    Improved Essays