Essay on student loans

Pssst… we can write an original essay just for you. This is a large burden to have even for those that are able to land a high-paying job when they join the workforce after graduating college. For those that graduate, the financial burden of student loan debt at least comes with a degree that will help them land a decent job, but for the 41 percent of students who dropout of college, it is a massive financial burden with no silver lining. With the standard 6.

For those only able to get a minimum wage job, were talking almost a quarter of their wages each month going to paying off their student loans. Even with programs that allow borrowers to pay what they can depending on their income, interest still continues to accrue, creating more and more debt that becomes harder to pay off with no guarantee that a high-paying job will come in the future.

Contributing to this issue of student debt, underprivileged students who are most in need of financial aid are more likely to dropout as a result of accumulating student debt. A report by Demos found that low-income black and latino students were more likely to dropout of college as a result of debt. Compared to only half of white students who cite debt as a reason for dropping out, 70 percent of black students dropout due to debt. For students that enroll part-time, likely to be able to work part-time to help pay for school, only This only creates a feedback loop in which those who are underprivileged lack the wealth to focus solely on school, which makes it less likely they will graduate with a degree that will help them better their circumstances.

The simplest way to remedy this issue is to offer more generous financial aid packages that limit the amount of loans that eat up much of the financial aid package. Often times, students see that their financial aid packages cover all of their needs, but they do not notice that a large percentage of the financial aid comes in the form of loans that they will have to pay back. According to Demos, the higher costs of college and as a consequence, higher student debts is the result of the continuing reduction in higher education spending by states.

In the decades prior to , state expenditures going to higher education per student dropped by 22 percent.

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This means less money for student grants and more money that students have to pay out of pocket. Attending college as gotten more expensive over the years and as more people are going to college than ever, there has been a rising amount of student loan debt. This is driven by a drop in state expenditures going to higher education, which has resulted in the costs shifting from the state to students.

Those hurt the most by this are minority students that need financial aid the most. The data shows that these students are more likely to dropout of college as a result of debt. By increasing state expenditures for higher education, the burden of paying for college will lessen and it will help increase student retention rates. Remember: This is just a sample from a fellow student.

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Implicit Test Essay. For many of us, student debt means delaying — if not entirely forgoing — homeownership, marriage, and parenthood. This new form of social stratification — between those who have student debt, and those who do not — will have ramifications for generations to come. You might not have student loans.


You might not be in a student loan forgiveness program — and, as such, might think that the problems plaguing the thousands who are struggling with their debt have nothing to do with you. The experience of student debt is isolating, lonely, and often dismissed as the result of individual choices — but its ramifications span generations and demographics.

Because the only way to actually fix a problem of this magnitude is to really, clearly, see it: what created it, what continues to fuel it, and who profits from it. We inherited and internalized the old ones. But the cost of those ideas has risen exponentially in the past few decades. But there was no such thing as a federally backed student loan. In , the Truman Commission issued a sprawling report on the state of American higher education, which recommended, among other things, doubling the number of students who attended college by Central to increasing college attendance would be providing government assistance, whether in the form of loans or grants, to make enrollment a reality.

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The ideas that the report essentially took as self-evident — that schooling will not only better society, but make it more democratic and equitable, more fundamentally American — were central to what economist W. For society to arrive at the consensus that college was necessary and worthwhile, it had to become far more accessible than it had been during the first half of the 20th century. And for many, the government-funded GI Bill, passed in , provided the first major step toward accessibility.

He exited the military without debt. Thirty years later, my mother started undergrad at a private liberal arts college in Minnesota, where her tuition was covered through the combination of a National Merit Scholarship and a work-study program. My father paid for the same college through a combination of grants, work-study, and a small federal loan.

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It was, some economists argue, one of the best investments the US government ever made. Congress also passed legislation to fund Perkins Loans directed toward low-income students , Stafford Loans government-backed student loans , and the creation of the Pell Grant. Funding from state governments helped tuition stay low; funding from the federal government helped students cover those costs. He then paid for the state tuition costs of all eight of his children — allowing each of them to graduate debt-free. More students were graduating from high school than ever before — and, having internalized the education gospel, were eager to continue on to college.

At the same time, funding for state universities began to decrease substantially as politicians, elected on the promise of slashing government spending, cut state budgets. College costs, both public and private, began to rise; companies that had once paid for on-the-job training — essentially credentialing workers in their fields — began asking applicants to find training themselves, generally through some sort of college.

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The cost of education shifted from a societal investment — spread across the tax-paying public, in the name of a thriving society and economy — to an individual one. And no matter how astronomically priced that investment became, we continued to rationalize it as a worthwhile one. Even in a culture that idolizes high-profile college dropouts Bill Gates, Steve Jobs , to refuse higher education in America has become tantamount to refusing to fulfill your potential.

And if you refuse to fulfill your potential, any struggle can and will be blamed on you alone. The university was under federal investigation at the time for possible deceptive or unfair business practices.

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  4. Some students, often with the help of their families, are able to cover the costs of that diploma. Between and , enrollment at for-profit colleges more than doubled, to 2. Many of the degrees offered by these for-profit colleges sound similar to those offered by community colleges or state institutions — but the acceptance rates are much higher, the recruitment practices are more predatory, and the resultant debt load is far, far higher.

    And the subsequent, ever-expanding wave of high school graduates — many from working-class, rural, Latino, and black families — were eager to buy it too. However, they didn't know anything about what the economic landscape would be like now. Like so many others I spoke to for this piece, Danielle knew about the potential risks of taking out loans. Not only do I do that, I'm given the burden of subsidizing people who don't pay off loans.

    Spare me the pity party. When it comes to other, nonmilitarized quadrants of American society, though, something shifts — even when the student goes on to work directly for the government.

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    Public service within the military-industrial complex is still widely gendered and conceived of as masculine, good, and — most important — valuable. By contrast, public service outside of the military in schools, in public health, in legal defense, in nonprofits is conceived of as feminine, and less valuable. And that idea extends all the way to the Department of Education — the entity charged with facilitating the disbursement and payment of student loans — which has moved to roll back myriad protections for student borrowers and eliminate PSLF entirely.

    Brooks, a professor at Georgetown Law specializing in student loans, told me. It conceives of the borrower not as the bearer of the future of the country, but a customer, and a petulant one at that. It also conceives of education as a transaction, in which recipients must pay back every cent, plus interest, in order to make good on the investment that has been made in them.

    That understanding is mirrored in every corner of the repayment process — and nowhere more so than the Public Service Loan Forgiveness Program. The first income-based loan repayment plan was implemented in the s — an early acknowledgment of skyrocketing loan amounts.

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    PSLF is a bolder version of those original repayment plans, and when it was first conceived, its guidelines were straightforward: To obtain forgiveness, you must have the right kind of loan a public one, as in, owed to the federal government ; the right kind of repayment plan income-based ; the right number of qualifying months ; and the right employer one that provides public service. But it never provided a manual , and the servicer — which, like every other loan servicer, is a publicly held, profit-driven enterprise — has little incentive to facilitate completion of the program.

    When a borrower is granted forgiveness, after all, that loan and the fees generated by it disappears.

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    When I finished my PhD in , I began repaying my student loans on an income-based repayment plan. In a phone call shortly after, I asked my loan servicer, Navient, about Public Service Loan Forgiveness, and was assured that if I was working in public service as a teacher, I would simply need to make consecutive payments for 10 years, at which point I would apply and receive forgiveness for the remainder of my balance. That advice was wrong — and if I had followed it for the next 10 years and applied to the program, I would likely have been told that none of my payments qualified, and I would need to start over again.

    The biggest issue with my loans was one faced by hundreds of thousands of other borrowers who believe they are enrolled in PSLF: I was with the wrong servicer. But many servicers — including Navient — may be reticent to guide clients toward this option, because if a loan is transferred to FedLoan, they lose their servicing fees. In a recent lawsuit funded by the American Federation of Teachers, a group of nine teachers accused Navient of negligence in administering their student loans.

    According to AFT counsel Lena Konanova, Navient has admitted ignorance about the actual operation of its call centers, where, according to previous reporting by BuzzFeed News , employees were instructed to keep calls between three and seven minutes, or shorter. And getting a bad performance review because you took too much time with them? An employee of a US executive branch agency was told that her employer was not part of the US government.