Legal Ethical and Social values of Student loans Essay

1693 Words 7 Pages
The current student loan issue is a complex crisis with multiple culprits as well as victims. For one, academic institutions in and of itself cannot deny their responsibility for instigating the crisis. For example, when was the last time, at least in recent years, that anyone heard of a university actually lowering their tuition fees? In reality, year after year the trend has been for universities to increase rates. In fact, according to Larry Abramson of NPR, “tuition and other costs have been going up faster than inflation, and family incomes can’t keep up" (2012). Despite the outrage over this problem, there is also little indication that these costs will drop anytime in the near future. Universities justify raising
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Nevertheless, “private loans are much riskier than federal student loans, because they don’t come with the important repayment plans, forgiveness programs, and other borrower protections that federal loans provide” (Abramson, 2012). Along with the academic institutions, state and federal government are responsible for the crisis as well. For instance, states are contributing less to education than they used to as state budgets shrink, the students’ share of paying for education goes up (Abramson, 2012). Further, others argue that the grant aid has not risen fast enough as a “federal Pell Grant covers only about one-third of what it costs for a public four-year college in state” (Abramson, 2012).
Finally, many students are accountable for the crisis as they knowingly signed up for something they could not pay for and chose to live off student loans instead of contributing to their own education (Tkacik, 2012). This paper will breakdown all of the legal, ethical, and social issues relating to the crisis, and while exploring the relevant legal principles and applications, Utilitarian and Kantian ethical factors, as well as a Machiavellian analysis and a social responsibility viewpoint of the topic. We will hopefully not only gain a clear picture of the various causes of the student loan crisis, but will also find solutions to it.
II. Legal
With today’s ongoing controversy

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