Student Loans Research Paper

Decent Essays

Student Loans: The Plight of Students
The concept of student loans in nothing out of the ordinary. They have existed for decades. However, they continue to catch young students by surprise. Due to the education inflation of student loans, attending college for young students is becoming increasingly unaffordable, especially middle-class students. Fortunately, a potential resolution for the lack of preparedness, planning, and knowledge has been introduced, which is the “Payback” game.
In the first article, “The Cost of College: Yesterday, Today, and Tomorrow” written by Mike Patton in 2015, the main idea is that as education costs have soared over the past few decades, fewer students can afford a college education. Furthermore, if the education …show more content…

Thus, it would aid in completing college and repaying student debt. Lieber (2017) introduces the concept with, “Starting this week, he [Tim Ranzetta] has a new tool in what has become a yearslong campaign to fill that gap [lack of knowledge of student loans]: a free, interactive, web-based game called ‘Payback.’” Being the fifth of six children and aspiring to attend college, Ranzetta learned all about the system of student loans as a teenager. When his older siblings began to send their own children to college and knew little to nothing of students loans, Ranzetta turned to student loan consulting. In doing so, he received many calls from many different people who desperately needed aid in dealing with student loans. Eventually, he began to work with Jenny Nicholson, one of the creators of “Spent,” on his concept of his game, “Payback.” The game, “Payback,” asks players to consider a variety of expenses, such as dorm supplies and textbooks. Additionally, there is a rapid-fire class registration simulation that has dire consequences if not acted upon quickly enough. During this time, a total of your debt is visible. What makes this game most effective is the track of your balance of focus, connections, and happiness during all four years of college. Lieber (2015) concludes the article with, “In an ideal educational world, experimental games like this would be core elements of a financial literacy master class that every high school student would

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