March 10, 2013
The Beauty of Student Loans
I owe $40,000, I owe $60,000, I owe $100,000. Isn’t that a lot of money for one person to owe? Graduates have been faced with a serious problem brought about by the constant borrowing of money to gain a reputable education. The debt of loans varies from person to person but the extreme amounts that individuals owe is something the media finds worth gossiping about. Little does the public know, in reality, all the commotion and conversation about these debts are not accountable for the majority of college borrowers. According to A Lifetime of Student Debt? Not Likely by Robin Wilson, she intrigues her targeted college audience by giving examples and providing awareness that most individuals are paying back their students loans within a timely manner with just a few sacrifices. Wilson emphasizes that the real reason individuals have an outstanding debt is because “they are determined to attend their dream college, no matter the cost” (257). There are various reasons why students take out loans and Wilson is determined to clear up the confusion of student debt, she encourages college students to take out loans even with media’s negativity, and lastly she tries to enlighten this targeted college group that debts are repayable with additional sacrifices but in the end, that debt was the best decision they have ever made.
The majority of individuals overhear media and see newspapers headlining the outrageous student loan stories. “Is it going to be the careful story driven by the data, or is it going to be the headline that can scare people?” (258). The media will seek attention-grabbing news by focusing on a headline that will scare millions of individuals. According to a CNN report in 2006, “they called student loans A Life Sentence and said: Forget about getting married and buying a home. This generation is thinking about next month’s payment” (258). While the media blasts out these so-called facts circling around the nation, college students are being frightened by the idea that student loans endure a negative impact. Not only is the media spreading the word but also graduates who have student loan debts themselves. In other words, “a lawyer with $100,000 in education debt started a Facebook campaign urging the government to free us of our obligations to repay our out of control student loan debt” (256). Due to the nations unawareness, the actuality of student debt is coming out from hiding. Despite the large number of headlines or media emphasizing on outrageous student debt, there is a vast majority of graduates who have and can pay off their loans. As the prominent economist himself, Mr. McPherson states that, “there are 65% who face debt, the average they owe is around $20,000. That’s just below the starting price of a 2009 Ford Escape” (257). He is arguing that if a necessity such as a car has a starting price close to the average debt, graduates should reconsider and realize that their problems aren’t as substantial as one might believe. Many individuals are so astounded they create panic among themselves and others that make the idea of debt a larger issue than it really is.
One of the causes for the outrageous debt is due to individuals borrowing an amount more than necessary. In A Lifetime of Student Debt? Not likely, Wilson states that, “about 8% of undergraduates borrow at least double the national average” (257). According to financial aid experts, “over borrowers” capture most of the media’s undying attention and frighten the targeted college audience to discourage them from taking out loans. An “over borrower” named Darla M. Horn, wanted to get far away from a small town in Texas and is trying to pay off her $80,000 undergraduate student loan. She states, “I could have gone to a public school in Texas for less, but I wanted to go to New York and start a new life” (263). For instance, Darla wanted specific attributes when...