Shamaica smith COM
3200-01
November 17, 2015 Opinion
Article
Just imagine spending years in college with high hope of
finally succeeding... But when you've finally succeeded, something is holding
you back from pursuing what you've been waiting so long for ..., that something
is student debt! With increased costs in higher education and lower public
investments, tuitions and fees increase; students rely on loans; as debt
increases. College degree has long been viewed as the way out of poverty. A
low-income individual without a college degree will very likely remain in the
lower part of their earnings distribution, whereas a low income individual with
a college degree could just as easily land in any income, including the
highest. Many parents believe going to college is a norm in society to success.
Many individuals go to college as a way to move up in their social class. In society
as of right now, individuals are definitely being convinced to take out loans.
Society have many believing that if they don't go to college they will amount
to nothing and live in poverty because that's what everyone is telling them,
but yet it costs $20K/year to attend college, which they can't afford. These
students then turn to student loans with the idea of sure I can pay for college
with student loans, I would not have to pay back anything until I graduate. But
overall, they do not think of the aftermath.
Some parents/student take out student loans because of the benefits they hope to receive once the student obtain their degree. While, some students and parents don’t believe in taking out student loan to fund their education, but with the cost of tuition increasing every year, it’s almost impossible not to take out loans to fund your education. Personally when it comes to student loans, I have mix opinion on this subject. There are advantages and disadvantages. For my first two years in college my parents haven’t taken out any loans for me, until this year, I definitely would need to take out student loans up until I graduate. Although, I generally believe learning should never be cease, the system can be unfair. The entire student loan system can and should be rationalized and improved.
Many individuals take out student loans and end up in student debt, but when they finally receive their degree, it’s no job to be found. So these individuals basically spent many years in college, taken out student loans when needed, ends up with a lot of debts with no job to repay these debt, when most of these debts are triple the amount of the original debt the student first took out. Many of the student loans are held by individuals who left college before graduation, meaning they have incurred “debt without diploma.” Some students/parents are ultimately grateful for their debt because it took them places, and made the impossible possible. As of right now in society, the value produced by higher education has become disconnected from the rising cost of tuition.
A fair policy needs to be put in place upon taking out student loan, to ensure an individual would not end up in an exceed amount of debt. If a student take out loans, but completes college and doesn’t land a job, it should be a program where their loans are forgivable after 2 years. In my opinion, they showed enough motivation by going to college and taking the first step by completing college. If they find a job before two years, they should be responsible to repay back their loans. If a student do finish school, with a stable job, there should also be a policy put into place to accommodate the student income. This way, the student will have the ability to pay off their loans within a given reasonable time, but also would not be in a serious amount of debt. It's unfair when a policy is implemented wherein if you don't pay off your debt within a certain amount of time, an increase is added to your original debt.
Another policy that could be implemented is the increase access to need- based student aid. Since college tuition is gradually increasing, they should increase financial aid as well (Pell, Tap, Scholarships etc...) A Financial aid policy should ensure that students from all backgrounds can get a college education without taking on overwhelming debt or excessive outside work that reduces the odds of completing their degree. Truly supporting college success requires more need-based grant aid that helps limit how much students need to borrow and work while in school, and a financial aid process that is a gateway to success rather than an obstacle. Improvement in the availability and accuracy of information about financial assistance options needs to be put in place and fully understood. Loan companies should also ensure access to flexible, affordable repayment options, which are negotiable.
Some parents/student take out student loans because of the benefits they hope to receive once the student obtain their degree. While, some students and parents don’t believe in taking out student loan to fund their education, but with the cost of tuition increasing every year, it’s almost impossible not to take out loans to fund your education. Personally when it comes to student loans, I have mix opinion on this subject. There are advantages and disadvantages. For my first two years in college my parents haven’t taken out any loans for me, until this year, I definitely would need to take out student loans up until I graduate. Although, I generally believe learning should never be cease, the system can be unfair. The entire student loan system can and should be rationalized and improved.
Many individuals take out student loans and end up in student debt, but when they finally receive their degree, it’s no job to be found. So these individuals basically spent many years in college, taken out student loans when needed, ends up with a lot of debts with no job to repay these debt, when most of these debts are triple the amount of the original debt the student first took out. Many of the student loans are held by individuals who left college before graduation, meaning they have incurred “debt without diploma.” Some students/parents are ultimately grateful for their debt because it took them places, and made the impossible possible. As of right now in society, the value produced by higher education has become disconnected from the rising cost of tuition.
A fair policy needs to be put in place upon taking out student loan, to ensure an individual would not end up in an exceed amount of debt. If a student take out loans, but completes college and doesn’t land a job, it should be a program where their loans are forgivable after 2 years. In my opinion, they showed enough motivation by going to college and taking the first step by completing college. If they find a job before two years, they should be responsible to repay back their loans. If a student do finish school, with a stable job, there should also be a policy put into place to accommodate the student income. This way, the student will have the ability to pay off their loans within a given reasonable time, but also would not be in a serious amount of debt. It's unfair when a policy is implemented wherein if you don't pay off your debt within a certain amount of time, an increase is added to your original debt.
Another policy that could be implemented is the increase access to need- based student aid. Since college tuition is gradually increasing, they should increase financial aid as well (Pell, Tap, Scholarships etc...) A Financial aid policy should ensure that students from all backgrounds can get a college education without taking on overwhelming debt or excessive outside work that reduces the odds of completing their degree. Truly supporting college success requires more need-based grant aid that helps limit how much students need to borrow and work while in school, and a financial aid process that is a gateway to success rather than an obstacle. Improvement in the availability and accuracy of information about financial assistance options needs to be put in place and fully understood. Loan companies should also ensure access to flexible, affordable repayment options, which are negotiable.
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