Issues on Graduating With Student Loan Essay Example | Topics and Well Written Essays - 2000 words

Issues on Graduating With Student Loan - Essay Example They don’t realize the fact that it is getting difficult for those students who do not belong to those affluent families who can afford it easily but they left behind although they do have the potential and capability, and they do deserve to achieve quality education to enhance and flourish their amazing skills and talents (Baum 75).According to my point of view, these students do have a right to enroll into good colleges and get high standard education because this is not their fault that they don’t belong to wealthy families, then they don’t deserve to be left behind. Before getting a student loan, one should not hurry up and make a decision of getting one. There are some issues which students should know, and then after resolving them, think whether they should go for getting a loan from their respective universities or not. It has been found during the past few years that the number of students who are finding it hard to pay of the student load is increasing. This is a grave issue faced by the universities and because of this; cost of educating student is rising like anything which is creating great trouble in providing educational services. The price of education being provided by both public and private institutions is rising by 37% and 25% respectively and around 18% rise in each borrower’s debt due to student loan (Moomaw 213). These statistics are clearly demonstrating the current student loan situation which should be analyzed and brought under consideration in order to stop and to fulfill the dreams of millions of deserving students (Moomaw 213). As there has been a parallel rise in the cost of education overall, universities are facing many issues in graduating students with the help of these loans as well as students are facing many problems. The student debt problem has to be resolved, and many people are coming up with some wise solutions like giving multiple proposals to the universities which includes different reven ue generating activities and convincing donors to provide more funds for the universities so that this financial problem can be fixed. Numerous types of proposals have been passed like increasing Pel Grants, student loan forgiveness and many others(Martin par. 6).. Spreading awareness among the borrowers is also another solution. This will not give an instant result in curing this issue, but at least one can make a try. But still, we have to look over to issues carefully and start working on them (Cooper 75). In order to decide whether graduating from a university with the help of a student loan will be worth it or not, the student needs to know about the pros and cons of this student loan. Some student loans provide a facility of deferred loans. This helps them to pay off loans once they get employed, but the issue with such types of student loans is this that in this case, the student will not grasp the real consequences of the debt. But this option is considered to be one of thos e which are seen as the last resort to many of the students. Here the issue that was faced by the universities and especially located in US was that more than half of the graduates, around 53.6%, didn’t have any job. They were unable to pay back their loan on time, causing many problems. Therefore, student loans should only be transacted to a student after analyzing his capability to pay it back in future; the lowest possible amount should be given which can be