Benefits Of A Student Loan Essay

Ask yourself a question, is college worth it to you? If you answered no then in this case it will be beneficial for you to read this. When thinking about college you have to think more about what you want out of it rather than what you have to do to get through it. The skills that you get while attending college can be very beneficial to you. Having the critical thinking and advanced communication skills that you acquire in college. Getting a college degree and bringing what you learned to the real world will benefit you in your quest for financial success.

The best options right now for a student with debt is to apply to the Income-Based Repayment Plan or the Public Service Loan Forgiveness Program if going into a public service job. This program adjust the loan payments to be fifteen percent of their discretionary income (Atteberry). This means that their monthly loan payment is fifteen percent of what they make that is above the federal poverty level. The best part about this program is that “after twenty-five years after making payments, the borrower’s remaining balance if completely forgiven” (Atteberry). The only borrowers that can apply to the Public Service Loan Forgiveness

College students graduate with an average student loan debt of approximately $37000. Of course, that's not the whole story. Millions of college graduates have student loan debts ranging from $50,000 to over $200,000.

Student loan debt relief is a controversial issue in America today. Student loan debt affects twelve million college students, roughly 60% of all college attendees, per year (Student Loan Debt Statistics). Student loan debt relief rose to the forefront of economic news during the financial market crash of 2008. The U.S. Government has developed a debt relief plan that extends payments over a 25-year period, with a full forgiveness of all remaining debt at the end of that 25-year term (Ensuring That Student Loans Are Affordable). During this repayment period, payments can be suspended during times of unemployment, giving hardship students a break from their student loan payments. Many people feel that student

College started to be the direction many students take after high school. During junior year, all the teachers start telling their student to consider college and the major that they want to pursue. Correspondingly, the students start to take the SAT and ACT tests. In junior year many students start to think if they are ready for college. Also, they start thinking about the major they want to enroll in if they decide to apply for college. More questions come in mind such as, would college be suitable for everyone? And is college worth the money the students would have to spend on tuition every semester until they graduate? From Leonhardt perspective, college is worth even with the debt it comes with. According to Matthews’s argument, college degree is needed because it is becoming more valuable with time. The arguments that both of Leonhardt and Matthews give prove that college is worth it and it is a good financial decision for most of the students.

Because of the nation’s national rising debt, student loan forgiveness has been a significant topic of debate because of how much it can affect our nation’s debt and doesn’t always help the student. Student loan debt is one of the highest debt causes, but sometimes we forget that we are the ones that sign the line on the contract to be in years of debt. This is because we value our education. But this does not mean that just because we can’t find an amazing, high paying job right out of college that we should have our loans forgiven. We want the easy way out of something that isn’t easy, so why should the government pay for our debt? Yes, college is very expensive and that is the governments fault, but again we are the ones that signed the line on the loan papers. (Sam Adolphsen, 583)

President Obama also announces a new program that will lower monthly loan payments for some students graduating next year. The government tries its best to ease the stress off of those paying back debt. Although the government has made programs to help those struggling to pay back their debt, it is also one owns responsibly. When taking out a loan for college one should have a plan as to how he or she plans on paying it back. By getting a side job and managing your money in order to pay off your debt, it will take away a lot of stress. Obviously the best solution to avoid debt right after graduating college is to avoid a student loan or any loans.

However, experts believe that hardline conservatives in the House and Senate will block any attempt by President Trump and his administration to fully implement any student loan debt forgiveness. Some feel that President Trump’s stance

“[I] am a PhD student working a full time job that pays less than $21,000 a year. By the time I finish this degree I will have well over 80,000 in student loans, which have already began to gather interest and make weight on my credit…”("Real Life Student Debt Stories • Student Debt Crisis" Sarah March 26, 2016 Illinois).

According to the Institute for College Access and Success, about seventy-one percent of students from a four-year university, graduates with student debt. Student debt alter from graduation from a public college or private non-profit college estimating around 25,000 to 39,000 dollars. With the Student Loan Forgiveness Program, it allows students the option to choice a firm career path, join the military branch, and better their life knowing the student debt will be reduced or forgiving. (“Average student loan debt, 1993-2012.”)

A respectable college education gives people the advantage to lead themselves in any direction they want to proceed in life. College is a time that students can truly become individuals. They have the opportunity to become more independent and to take on new responsibilities. The bonuses of a college education include more self-confidence, greater economic stability and security, and it makes you a major contributor to the greatest nation on earth.

As pounded in our heads by teachers and adults, after high school the best idea is to go to college. This may not be the case for everyone. There are many pros and cons for college. College is not for everyone, and I believe students should have the freedom to choose the path they take. For people who desire to acquire a well paying job, a degree may be required. Most data points that the fastest growing job categories require at least a college degree. Getting a degree can be as simple as going for 2 years or even 6. Getting a college degree will draw employers attention and gain respect. Some people who have a degree may get paid more at their job than others who do not. Expanding your knowledge is important as there is always more to learn. In my opinion, college is the best idea for any age student.

Another option that students with debt may take would be joining the military. The military has its own loan forgiveness program. Another thing that the military has is strict rules about who can be in the military. People in the military rather it is the Army or the National Guard have to be healthy. It is not someone’s fault if they are not in perfect condition because for the most part our health is out of our hands. Basic things like not smoking

At any rate, this is still relevant, because it is the main reason I have so much student loan debt. What would I do differently if I could do everything over again? Well, for one, I would go to an in-state school, where I would have graduated with far less student loan debt. The advantage you get from going to be a better school out of state is marginal, especially if you're just getting a liberal arts degree. While I was in school, I really thought a four-year degree would help me get a great job, or at least a passable one. It really hasn't helped much. The job I have right now isn't even full-time, and the pay is far less than ideal. Due to my student loan debt and my inability to find a decent job, I felt obligated to go graduate school. Graduate school allowed me to continue deferring my student loan debt. Now that I'm in graduate school, I feel obligated to complete what I started, but if I could do it over again, I probably would've gotten two or three jobs and tried to pay my debt down first. Paying off my debt is going to be a lot of hard work. My first step will be to consolidate my student loan debt into one manageable payment. I've considered programs to forgive student loan debt, like teaching at a public school in a low-income area, or joining the Peace Corps. Since I probably won't seriously pursue either of these options, I'm also considering creating my own job. You can do

The Department of Education in recent times has embraced a new system regarding student loans, bringing on board a customer-friendly policy. According to this new scheme, students will now have access to loans with easier and less complex repayment terms. This development will help them fast-track the repayment of their debts without hassles. The Department of Education also integrated an income-based repayment plan: a flexible approach geared at facilitating student finance in their most dire hour of need. Sadly, despite having the potentials to substantially pull off the amount of burden on people’s shoulders, this income-driven repayment scheme hasn’t gained much traction and acceptability among the general population. This is due to