Why Do College Students Pay Off Student Loans
“We have got to make sure that every qualified American in this country who wants to go to college can go to college regardless of income” (Bernie Sanders). A person’s financial background should not determine whether or not that person can attend college. The purpose of obtaining a higher education is to achieve a higher paying job to ultimately pay off student loans. Student loans can have both positive and negative effects on college students and the economy. Changes can be made to overall improve college students and the economy when it comes to student loans. Provided that student loans are at an all time high, students and the economy are hugely feeling the negative impacts instead of positive impacts. For example, Bloomberg states
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To help improve the situation, schools could better educate students on precisely what they are getting into. A research professor at George Washington University, Sandy Baum, say, “It doesn’t make sense to let students make bad decisions, and then rescue them afterwards”. Paying for college is a major financial decision to make and many students are more excited about college than figuring how they will afford it. In addition, the repayment options for paying off student loans can be especially confusing. The author of The Solution to the Student-Loan ‘Crisis’? Depends on How You Define It, Beckie Supiano writes, “Borrowers often learn of their repayment options as they approach graduation-before many of them know how they’ll be earning or what other expenses they’ll face”. Many students go into college and student loans blindly without the knowledge needed to go into these situations with a clear head. One way to fix this problem is to reduce the number of repayment plans available when students go to get a loan for …show more content…
N.p., n.d. Web. 16 Apr. 2017.
Gorman, Ryan. "How Student-loan Debt Is Dragging down the Economy." Business Insider. Business Insider, 01 May 2015. Web. 18 Apr. 2017.
Kirkham, Elyssa. "6 Economic Effects of Student Loan Debt You Never Thought Of." Student Loan Hero. N.p., 08 Dec. 2016. Web. 24 Apr. 2017.
Supiano, Beckie. "The Solution to the Student-Loan 'Crisis'? Depends on How You Define It." The Chronicle of Higher Education. N.p., 25 June 2014. Web. 19 Apr. 2017.
Woolley, Suzanne. "How Student Loans Could Cripple the U.S. Economy." Bloomberg.com. Bloomberg, 30 Apr. 2015. Web. 18 Apr.
To help improve the situation, schools could better educate students on precisely what they are getting into. A research professor at George Washington University, Sandy Baum, say, “It doesn’t make sense to let students make bad decisions, and then rescue them afterwards”. Paying for college is a major financial decision to make and many students are more excited about college than figuring how they will afford it. In addition, the repayment options for paying off student loans can be especially confusing. The author of The Solution to the Student-Loan ‘Crisis’? Depends on How You Define It, Beckie Supiano writes, “Borrowers often learn of their repayment options as they approach graduation-before many of them know how they’ll be earning or what other expenses they’ll face”. Many students go into college and student loans blindly without the knowledge needed to go into these situations with a clear head. One way to fix this problem is to reduce the number of repayment plans available when students go to get a loan for …show more content…
N.p., n.d. Web. 16 Apr. 2017.
Gorman, Ryan. "How Student-loan Debt Is Dragging down the Economy." Business Insider. Business Insider, 01 May 2015. Web. 18 Apr. 2017.
Kirkham, Elyssa. "6 Economic Effects of Student Loan Debt You Never Thought Of." Student Loan Hero. N.p., 08 Dec. 2016. Web. 24 Apr. 2017.
Supiano, Beckie. "The Solution to the Student-Loan 'Crisis'? Depends on How You Define It." The Chronicle of Higher Education. N.p., 25 June 2014. Web. 19 Apr. 2017.
Woolley, Suzanne. "How Student Loans Could Cripple the U.S. Economy." Bloomberg.com. Bloomberg, 30 Apr. 2015. Web. 18 Apr.