Student Loan Loans Should Not Be Forgiven

938 Words May 5th, 2015 4 Pages
Should student loan borrowers be forgiven for their debt? The cumulative total of student loan borrowing has already reached $1 trillion dollars already make up more than half of what Barack Obama is pushing to cap the amount any borrower must pay back and forgive outstanding debt after 20 years, even so calling to forgive some or all of the debt that is escalating. Robert Applebaum, the Author behind the Student Loan Forgiveness Act, believes that student loan should be forgiven to highlight an alternative approach to economic stimulus whereas Justin Wolfer, believes that forgiving loans will have a stimulative effect on our economy and put thousands of dollars in the pockets of college grads. Student loan borrowers should not be forgiven for three primary reasons; it is voluntarily done, the amount of money being borrowed is astounding, and bailouts are bad for the economy. Under certain circumstances through student loan forgiveness programs, federally backed student loans can be discharged or forgiven. For a loan to be completely discharged, circumstances that exceed a borrower’s control that prohibit repayment of the loan must be distinguished. The direct loan program offers five different repayment plans that include many benefits that a borrower can take advantage of. All borrowers are uneasily informed of how much they’re going to have to pay back when taking out loans even after leaving school. Others believe that new college students don’t understand what…
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