Herman 1

Kimaya Herman

Professor Taylor

ENG 1520

11 February 2020
Don’t We Love Student Loans!

Introduction

Some may contend that they work to live. These individuals are not lucky enough to be

conceived in such a family (and must request a hand up) loaded up with cash to consume. Then

again, others contend that they live to work. These individuals have cash and are useful for

paying for their kids' or their own advanced degree. This exposition will investigate understudy

advance pardoning and why it is a basic activity for the individuals who need it. Understudy

advances make such an overwhelming weight on understudies and their families making a strain

on their everyday exercises. Understudy credits have made a profound obligation for a great deal

of understudies, they additionally will in general have high loan costs and you need to take care

of them when you can or that obligation will tail you to the grave. Studies have indicated that:

understudy credits are a weight, advance pardoning can help America's economy, and increment

social communications. Getting rid of student loans have so many positive effects on the

individuals who took the time to better themselves.

Evidence

Reason #1 Burden

Firstly, student loan debt significantly affects one’s ability to buy a home. Although they may

say they can afford monthly payments toward the said student loans, they still won’t be able the

save enough for the minimum down payment demanded by many lenders. Student loans have a

negative long-term affect on their credit which can and will take a while to bounce back from.
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Today’s recent college graduates carry more student loan debt than any generation before them.

(Opperman). People today who have finished college many years ago are still working to pay

what seems to be the impossible amount of money owed to the corporations off. This burden can

make buying a house seem very unlikely.

According to Frank from withfrank.org, “On average students will pay back their loans based

on a 10-year repayment schedule. Under federal income-based repayment, the debt is often

forgiven after 20 years. Still several factors impact how long it will take for you.” (Frank) The

longer you take to pay off your student loans, it’ll have a negative impact on your credit and it’ll

make it harder to buy homes among other things to assist with comfortable living.

Reason #2 Boost America’s Economy

Secondly, forgiving student loans can definitely boost America’s economy. The majority of

people today in the United States alone look forward to getting married one day. Experiencing

the nostalgia and insurmountable joy planning their wedding will be, creating a lifetime filled

with memories with the one they love and sharing this with people is something people will want

to do in their life. Unfortunately enough, obtaining such beautiful things can be very hard and

create a deficit on these ideas because of the debt they owe just from going to school. Another

major boost for the economy would be a decrease in unemployment.

“Both Warren and Sanders say wiping out debt en masse would stimulate the economy. One

2018 study found that this could be true. The researchers, including a senior economic adviser to

Sanders' presidential campaign, found that canceling all student debt would lift GDP and

decrease unemployment.” (Lombardo)

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Forgiving student loans can also boost the economy by allowing people to start families. A

lot of people have a fear of not starting a family because of having such a high debt and

mediocre to bad credit limiting them from having the confidence to provide for their families.

Reason #3 Increase Social Interactions

Thirdly, there can be a significant increase in social interactions by relieving the stress levels

for everyone to get to know one another on a better level. A huge upside would be that there

would be a significant growth in the amount of people who would enroll for college. Many

households get rejected for schools because either they have outstanding amount of debt or their

parents have that outstanding amount.

There are so many student loan forgiveness programs for nurses, affiliates of the military,

lawyers, doctors, etc., the list goes on and on. Fully enforcing these programs and making

student loan forgiveness a priority can and will create a broader social spectrum for America

alone.

Conclusion

Finally, student loan forgiveness is beneficial for all walks of like. It creates less stress for

those who need it. The burdens would be lifted, which will in turn boost not only America’s

economy, but if this becomes a major priority across the world, it’ll boost other parts of the

world as well. Not to mention the increase in social interactions in the high in demand

professional occupations. It would be so much better for students, potential students, and

government officials to sway in the direction of student loan forgiveness.

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Works Cited

Opperman, Melinda. “Don't Let Student Loans Keep You From Purchasing A House.”

Credit.org, 22 Aug. 2019, credit.org/2019/03/28/dont-let-student-loans-keep-you-from-

purchasing-a-house/?

gclid=CjwKCAiAp5nyBRABEiwApTwjXkiJz123N1KvHZqKNjtyHkrM0uAscFEEXqD2

YoyesoFZYjRUuCc2KxoCRSQQAvD_BwE.

“This Is How Long It Takes to Pay Off Student Loans: Paying Your Loans.” Frank Financial

Aid, 16 Jan. 2020, withfrank.org/how-to-pay-for-college/student-loans/how-do-i-manage-

my-loans/paying-your-loans/how-long-does-it-take-to-pay-off-student-loans/.

Lombardo, Clare. “Student Debt Forgiveness Sounds Good. What Might Happen If The

Government Did It?” NPR, NPR, 10 July 2019,

www.npr.org/2019/07/10/738506646/student-debt-forgiveness-sounds-good-what-might-

happen-if-the-government-did-it.

Fay, Bill. “Student Loan Consolidation Options, Rates & Services.” Debt.org, 9 May 2019,

www.debt.org/students/loan-forgiveness/.