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Discuss the following issue, and talk about how it can be fixed and what can and should be done.
The cost of student loans is rising and the total debt in the US for student loans is at 1 Trillion, which is higher than credit card debt. Politicians are not doing anything to fix this issue and it is never talked about in their campaigns as well. The student loan debt is a ticking bomb that needs to be addressed by the government. Moreover, the federal loan cap for students is expected to be lowered to keep loans under control. While that might be a good thing, it is also bad for private colleges that rely on those loans to operate. A solution needs to be implemented to help lower the national student debt and also a balance between federal loan cap. Colleges are reducing financial aid access to students, which raises the strain on family budget, and those who are living alone are cornered even more.
A new federal program called IBR, or Income-Based Repayment is designed to help students pay down their loans based on their income. However, what if a student is unable to find a job after their 6 month grace period ends? What will the student do then? What factors need to be looked at when applying for a loan? Should the student be forced to not go to a top-choice school due to the burden of rising tuition and no access to financial aid? What if a student has a high GPA, but is still unable to gain entry to the school of choice due to the cost? Our government wants the students of this country to continue education because they are the future, yet it never brings up the topic of how support will be given to these striving students who have an immense potential to do good for the future generation and make an impact on our economy that may very well strengthen, and improve our way of life in the long haul.
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