...Dr. Kathy Langston English 102 17 February 2014 Student Loan Debt: A Threat to the American Economy And the College Education. As the ever increasing ceiling of student loan debt rises, it bears more of an impact on the generation known as the “Millennials” and the rest of the economy. Many individuals who have decided to embark on earning a college education, whether it is a bachelor’s degree or higher, have had to contemplate on how they would finance such an endeavor. An increasing number of institutions, including private and federally supported bodies, now offer student loans to help many students obtain a college education. Some students find themselves in what can be considered a downward spiral of increasing debt, as these loans continue to mature over time. Many times payments spread over a number of years, equal what some have spent on what use to be the American dream, which was purchasing a home and having the satisfaction of becoming a proud property owner. At the alarming and increasing rate that students spend on education nowadays, it will eventually be safe to say that many individuals will have some very difficult decisions to make concerning what purchases take precedence over the other. Evidence has shown that earning a post-secondary education will be increasingly harder for students to accomplish overtime. There are many obstacles that have developed in modern times for today’s college students. Obstacles include but are not limited to the ability...
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... Title: Student loan Debt Crisis Speaker: Markevia Lee Specific Purpose: To persuade the audience of their choice of taking out student loans. Thesis Statement: College is not something to put off until after you have graduated, students need to find ways to pay for college before they graduate. I. Introduction: Attention-getter: The increasing trend of college students graduating with significant more student loan debt than job prospects is both alarming and detrimental to the future growth of the nation. The cost of education and the widespread of federal student loans have created an education bubble to rival the housing boom that sparked the recession of 2007-2008. The more tuition rises, the more students need to take out loans. This problem is both current and urgent and must be acted upon now. Source: (http://www.usnews.com/news/articles/2014/11/13/average-student-loan-debt.) Establishment of Ethos: I have discovered there are ways student loan debt can be reduced by applying for scholarships and school grants. Preview: first, I will discuss recent graduates should be able to refinance their loans upon graduating, additionally, the government should intervene on behalf of students to encourage policies that lower college tuition, finally, I will you some examples of assisting students in the payment of college expenses. (Transition: “Let me start by showing the steps that should be taken to help recent graduates”) II. Body A. Student debts are exacerbated...
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...Student Loan Debt Over a few decades, there were only so many people who went to college to receive a higher education. The first generation did not have the opportunity to go to college instead they invested their time and money on hoping their children would go on to further their education. I do not believe the first generations realized what the cost of college tuition and fees would be for their children in the future. What is out of hand these days is the cost of a college education. While investing in higher education, we gain knowledge, and future success which is good, but what is the cost? What is affecting, the future of college graduates is the high debt in loans the students must pay off which has a long-term financial effect. We must find a solution for students graduating with these large loans. There is an article “The Debt-free College Degree by Melba Newsome” (Newsome, paragraph 6) in the article for their financial packages they focus on trying to remove loans to their students at Davidson College. Institutions are considering this as a model for other colleges looking for the idea to try to provide solutions to the student loan problem. Giving students their college tuition for free is this a feasible solution? What a college could apply to a student’s financial package could be the large endowment funds that are given to various colleges and universities each year. Expert “Mark Kantrowitz stated Harvard could afford to make tuition free.”...
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...The student loan debt crisis is a major issue in the United States. Every day, students are dropping out of college because they cannot afford college. Ever since college tuition went up in the 1960s, the student loan debt has risen. Student loan debt takes a major effect of student’s lives after college is over and they must start paying their loans off. On average, students take out as much as $28,000 to $30,000 of student loans (Holland). Taking out these large amounts of loans cause students to dig a hole of financial debt for themselves. From the history of student loan debt to the current solutions that could solve the debt issue, student loan debt will always be a constant issue in students’ lives unless drastic measures are taken to...
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...Student Loans, Debt, and Retirement Letter the Editor on Student loans, Debt, and Retirement I am writing in response to an article written by Mason Braswell’s “Generation W(on’t be Able to Retire” featured in On Wall Street. It is clear that generation “X” will face a new set of challenges with their future plans of retirement. The large amount of student debt they accumulate will have worse affect’s on their financial future’s than the baby boomers before them It is noted that students now should see student loan repayments as a part of their financial obligations after receiving their degree in the same manner as buying a car or a house. It is questionable if this generation will even be able to retire with such costly commitments they have incurred. Supporting this authors position research reflects the impact of these high debts will collide with financial futures reaching even into the retirement plans of generation “X”. This letter will present some facts on the financial issues they will encounter as they plan for their “golden years”. First, student debt has become a huge problem for many individuals. For generation “X” student debt is one of life’s realities that will end with an unpleasant consequences. Studies are showing the boomer’s children will be the first generation of individuals to experience the perils of debt and its effect on their lives and retirement plans. Mason writes that “80 is the new 65” (Braswell, para 2). Retirement planning is going to...
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...Prior to beginning task one, I understood that college debt is a growing problem for students pursuing a postsecondary degree; however, I was unaware of its extent. I, being a junior, have heard my teachers and counselors reiterate the importance of doing well in high school so you can go to college, yet they have failed to inform us about the lasting effects of student loan debt. Although I will likely be impacted by student loan debt in the near future, I previously had not thought too much about it. My group’s original topic was college tuition; however, after doing basic research we decided to focus on federal student loan debt rather than just tuition. We believed that broadening the topic to college debt would enable us to gather more...
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...We demand that North Carolina offer free college tuition to all undergraduate students attending a public university. Student loan debt is crushing our students short-term and long-term with the total amount of student loan debt; in America student debt was estimated to be about $1.3 trillion in 2015 (Should College Be Free? Pros, Cons, and Alternatives, 2017). Also, the debt to income ratio is ridiculous with the average salary of a college grad being $48,127 in 2014 while incurring $37, 172 worth of debt according to statistics of the 2016 college graduates (A Look at the Shocking Student Loan Debt Statistics of 2017, 2017). Lastly, with free tuition in North Carolina for college undergraduates the lower SES population will have opportunities...
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...Americans owe over $1.45 trillion in student loan debt. That number is outrageously high. People want to get a good education but often times can’t afford it or are left with a quarter of a lifetime’s worth of debt (Bidwell). Colleges should lower their tuition so kids from lower income families can send their kids to college, it would create more jobs, and they could make a larger profit. If the price of college tuition decreased, kids from lower income families would be able to afford to go to college. The price of tuition has doubled within the past 20 years but the average income per household has only rose about 20% (Lapovsky). Many families choose not to send their kids to college because they cannot afford it. Many kids are smart enough to go but are not able to because of the cost. Some people say that colleges lower their tuition and help out lower income families significantly. Colleges only give out a certain amount of financial aid. If the parents of...
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...Many students are graduating with student loan debt. Students may not actually grasp the seriousness of student loan debt. Therefore, many of the students who take out more student loans than others and graduate with a lot that will be needed to be repaid which will be an issue. Because of this problem, Indiana University has created a program to help address the issue. A plan was made which follows 3 main phases. The first phase was to actually make the “Money Smart Team.” The idea of the team is to have students in the team. It was recognized that students are more ideal to take advice from students their age and in their situation rather than adults. The team helps with basic principles and ideas with spending. For example, students are...
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...Student loan debt is one of the largest issues in the world. Unfortunately, these loans are almost impossible to pay back in one lifetime. According to Forbes Magazine, “people 60 years and older ‘with student loan debt has quadrupled over the last decade in the United States, and the average amount they owed had also dramatically increased’”(Forbes). There are many contributing factors as to why this is. The first is the basic concept of interest. So, in the time people are buying houses and cars to start their lives, interest is slowly piling on to the total. The second, perhaps the most common one, is the struggle of finding a decent paying job to not only support themselves, but to afford to pay back the banks for the money they borrowed. Lastly, a person's unfortunate loan debt increase is arising from those who take out loans to pay for their children or loved ones education. This loan debt does not only affect the person, but it takes its toll on the government and the banks. Loans are when you borrow money that they don’t have. So when people are taking out these loans, the banks are expecting their money back plus interest. According to Forbes, “borrowers with outstanding loans are increasingly likely to be in default as they age”(Forbes). If people begin defaulting on their loans, then the government is left to deal with the loss of not getting the money they loaned out back...
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...Forgiving student loan debt has become an America crisis that affects everyone who has ever been a student to acquire more debt. At this time more people are trying to get financially stable so that they can secure a better future for themselves without increasing their debt. According to Wolfer, the article Applebaum wrote lacked effectiveness, and was pointless in his response to Applebaum student loan forgiveness petition. Convincing his argument against Applebaum proposal, Wolfer included that giving one thousand dollars to fifty unfortunate students may help with the crisis of student loan debt. Wolfer proves his personal opinion in remarks towards students lacking to want to pay back student loans debt and because of his remarks I think...
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...current social and economic conditions of a time period. In “Millennials’ Ball-and-Chain: Student Loan Debt” author Malcolm Hadley describes the difficulties young Americans facein this day and age because of the cost of education and how it’s affecting their outlooks on life and their goals. In his article, Hadley iterates what is holding this generation back:the “tens of thousands of dollars in student loan debt” (Hadley); As a result, they cannot afford to have what is commonly associated with being an independent adult. Many millennials find themselves dreaming of living independently, marrying, or being able to buy an apartment. The author continued to expand his argument by delving further into the lives of millennials who do choose to start families and lead traditional lives and how their student loans continue to burden them; often couples both have debt and are reluctant to go into that next phase of their lives while so indebted. Essentially, what Hadley argues is that being chained to their student debt is making young Americans strive for more simplicity than the traditional...
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...Federal student loan debt relief carries it's pros and cons with it like any other type of money transactions. The complexities involved in narrowing down which program may assist which loan is a painstakingly involved process. Most people give up before they find any type of relief at all. Loan consolidations are often a fallback to making tens of thousands of dollars of student loan debt more affordable. As this may be a helpful payment option, there may be many other saving opportunities you are missing prior to consolidating multiple loans into one easy payment. More often than not, people will read negative reports about a student aid relief company. A business set up to help graduates find debt relief for tens of thousands of dollars in student loan debt. The negative focuses on the fact that federal student debt programs are free and that any service which charges to use these are taking advantage of people struggling to make ends meet. As there are higher priced and unfair services, there are also many who charge a low one time service fee to find a solution to high debt problems. Combing through the Department of Education's relief programs is time involved. Depending on your type of federal loan, your major and employment, you could be looking at thousands of dollars in relief and for some,...
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...Consumer Information Guide 2015–2016 August 2015 Table of Contents Consumer Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 About University of Phoenix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Accreditation, Licensures, Reviews and Approvals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Regional Accreditation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 State and International Licensures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Program Accreditation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 School of Business/Business Programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 College of Health Professions: School of Nursing . . . . . . . . . . . . . . . . . . . . . . . ...
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...of banker & customer take the form of creditor and debtor. Standard Bank offers different types of loans and advances, which are mainly, categorized under 2 heads, namely Small Enterprise Loan & Consumer Financing. The various types of loans that fall under the category of Small Enterprise Loan are: Easy Commercial Loan, Retailers Loan, Transport Loan, Commercial House Building Loan, Possession Right Loan, Contractor’s Loan, Letter of Guarantee, Working Capital Loan, Letter of Credit, Loan against Imported Merchandise, Loan against Trust Receipt, Builders’ Loan, & Project Loan. And the loans under Consumer Financing are: Easy Loan, Consumer Durable Loan, Parua Loan, Thikana Loan, Flexi Loan, Peshajeebi Loan. This report highlights the loan policies of Standard Bank Limited; explain different issues regarding the disbursement of loans such as: sector where loans are provided, purposes of the loan, eligibility to get loans, documents required, interest charged on loans, & also the rate of penal interest in case of late repayment. From my observation, some weaknesses of the loan policies of Standard Bank Limited are detected, such as high interest rate, charging of loan processing fee, penal interest, maximum size of the loan is small, maximum term of the loan is low etc. And finally, few changes are recommended in the policy to remove the pitfalls & to improve the overall loan policies. 1.1...
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