Lee Siegel's “Why I Defaulted on My Student Loans” challenges the current state of the American system of higher education by targeting and discussing its economic impact. He begins by recounting his own story of how he was forced to take out a loan for his education at the age of seventeen. Immediately, his misgivings with the system become obvious as he states that he essentially gave his life away in order to go to college. His background is interconnected with his views on the subject given his statement that he was unable to afford college after his parents divorced and later, his mother entered bankruptcy. As he continues on to discuss how the current system causes students to be forced away from their vocation, he explains how he chose …show more content…
His support of this is his own personal anecdote about how he worked for other businesses or had the chance to but in each each case, he knew that he would be unhappy. This claim targets two elements in opposite ways. It subverts the typical call of morality to instead appeal to the audience’s aspirations. Siegel’s dream was not unrealistic, and it was absolutely attainable, but the problem is that his occupation is not well-paying except among the best of the best. It should be admitted that this is the case for many people. The conclusion that Siegel comes to, however, is not entirely practical. Many people are able to engage in both their dream while also working for a livable wage elsewhere, and his own example supports that to a certain extent. While this could be answered with a statement that there is not enough time to work in two areas, there are now more opportunities than ever to engage in multiple vocations. As it relates to student loans, reforms have been made to lessen the predatory nature of these loans by either subsidizing or limiting the interest so that the principal can be paid off easier than
In today’s society the idea of “American Dream” has become a controversial and widely interpreted issue that awaked opinions and research from professionals in fields such as Economics and Journalism because of the concept that in general the American dream involves. In his essay, “Hiding from Reality,” Bob Herbert examines how the achievement of the American dream is affected by the economy and quality of education in American society, and the effect of the inadequate utilization of the sources by the politicians will impact future generations. Despite his diverse points of view to determine if the American dream is still a viable element in today’s US society, the restauration of the American
Martin and Lehren’s article “A Generation Hobbled by the Soaring Cost of College” addresses the issue faced by current and former college students dealing with large amounts of debts due to student loans. The article presents the reader with stories of former college students who have either graduated or dropped out, and their struggle to pay off their student loans. The article also talks about issues such as students not being informed about high amounts of student loans and why student debts have increased. Martin and Lehren also make the issue of student debt more intimidating by giving examples
In the argument, Debate on Student Loan Debt Doesn’t Go Far Enough, author Robert Applebaum, graduate of Fodham University School of Law, asserts that excessive student loan debt should be forgiven after a reasonable repayment period and suggests this would stimulate the economy because former students would have more money to spend(Debate). He backs up this claim by introducing the Student Loan Forgiveness Act of 2012, contending that education should be a right that people of all classes can benefit from, and addressing both the individual and the economic drawbacks of student debt in the middle and working classes(Debate). Applebaum
Many Americans are seeking an ideal presidential candidate for our next election; furthermore, many college students seek a candidate that has their best interest in mind, leading many to focus on Bernie Sanders and his ideas for an affordable education system. In the article, The Myth of the Student Loan Crisis, Nicole Allan and Derek Thomas focus the article on the risky investments of college and questioning the rising debt levels as a national crisis. While Allan and Davis claim the risk of college and mention rising debt levels as a national crisis; however, Allan and Davis use charts to support their stance while avoiding the issues Americans need to focus on, such as the rising cost of college, “justifiable debt”, and the cost of those not contributing to society.
Wilson, R. (2009). A lifetime of student debt? Not likely. In G. Graff, C. Birkenstein, & R. Durst (Eds.). “They say, I say”: The moves that matter in academic writing with readings. (2nd ed.). (pp. 256-272). New York: W. W. Norton. This article examines how much debt in loans students leave college with and if it is possible to pay it off without it causing extreme distress.
In November 2015, I started off with $13,500 in student loan debt. I had five loans in three different categories. I didn’t start paying my loans until January 2017, by then it had acquired $3,500 in interest, making the total $17,000. That year I made it my New Year Resolution to pay down my loans by 2019.
Student loan debt makes up a large portion of the debt in this country today. Many defaulted loans are the demise of high interest rates, poor resources to students in educating them on other avenues and corruption in the governmental departments that oversee education and financing. There are many contributing factors that lead to the inability to pay off student loans which need government reform to protect the borrower’s best interests.
When thinking about college the same fear is established in just about every student’s mind. How am I going to pay for college? With an increase in college tuition in the past ten years, that question has become more frequent. Whether it is a private or public institution, the price is still no pocket change and how to pay for it has become harder and harder to accomplish. In today’s society, the average person can not get as far as they’d hope without a college education. With that accomplishment of receiving a college education, comes the dreaded loans that some students have and pass on to their children.
A little girl dreams of a white wedding with white doves flying over the ceremony and the fairy-tale honeymoon. Only then to come home to the yellow house in the country, with the white picket fence included. Everyone has daydreamed about their future and having the “perfect” house, with the “perfect” car and the “perfect” marriage- everyone wants to live the “American Dream”. There are many people that believe that the “American Dream” is a concept that they are entitled to and expected to live. Then, there are those who believe that you should use the opportunities that America offers as a stepping stone to earn and create your own “American dream”. However, as time goes on the mainstream idea of “living the American Dream” has changed. This change is mostly due to the ever-changing economy, professions, and expectations of the American people. Throughout the book Working, by Studs Terkel, we meet many diverse groups of people to discover the people behind the jobs that allows American society to operate and how their choice of a career path has changed their lives.
It is a norm and expectation in society today for students to pursue higher education after graduating from high school. College tuition is on the rise, and a lot of students have difficulty paying for their tuitions. To pay for their tuitions, most students have to take out loans and at the end of four years, those students end up in debt. Student loan debts are at an all time high with so many people graduating from college, and having difficulties finding jobs in their career fields, so they have difficulties paying off their student loans and, they also don’t have a full understanding of the term of the loans and their options if they are unable to repay.
In that year, the number of college graduates was only 432,058 (Sourmaidis) and ever since the demand continually increased as did price. This trend allowed for the student loan crisis to occur, which is a problem we face today. As of 2016, American students have accrued a massive 1.3 trillion in student loan debt. Just 10 years ago, the nation’s balance was only $447 billion (Clements). This ever-present cumulative burden has caused many post graduate Americans to delay important life events such as marriage, homeownership and children because of this substantial encumbrance (Clements).
Money constitutes the American Dream, because in America, to be successful in life means being wealthy. We live in an industrialized nation, in which money controls our very own existence. The Lesson by Toni Cade Bambara establishes an argument about society’s injustice that entails financial opportunities by revealing the differences in living conditions between upper class and lower class. Another important point Stephen Cruz, a successful business person and a Professor at the University of Wisconsin at Platteville, makes in his speech is that the American Dream is getting progressively ambiguous, because the vision of success is being controlled by power and fear which only benefit 1 percent of Americans. For most people, the American Dream is to be financially stable to the point of content; however, realistically the accomplishment of the American Dream is often obstructed by society’s limitations and influences from higher power.
Bird argues that students should not risk being in debt for the rest of their lives, while Wilson claims that many students graduate with a reasonable amount of debt, therefore going to college ultimately will benefit them. In Bird’s essay, she explains that going to college and graduating with a lot of debt does not always benefit students because jobs in certain fields are scarce, like psychology. College graduates thus do not always get the job they prepared for, instead “most of them wind up doing what there is to do” (Bird 378). Bird refutes the idea that going to college leads to better job opportunities by claiming that the job market is “shrinking” causing a lack of jobs for college graduates entering certain fields. On the contrary, Wilson states that “debt is the best way to pay for education because you’re shifting the cost forward until you can earn more money” (260). She claims that the only reason students graduate with a lot of debt is because they chose to attend the college of their dreams regardless of the cost (257). If students were more reasonable in their college choices, their overall debt would not be so drastic. Wilson believes that even though college students may graduate with a lot of debt, college is still worth the
Being forced to move back home after college graduation is one of many obstacles students face while getting accustomed to the new debt they inherit after school. Imagine, upon graduation of high school the excitement one must feel about finally being away from the watchful eye of mama and papa bird. Headed to college to live on their own, freedom to be an adult and make decisions as such. If lucky enough to be one of the one’s who will make it through the entire four years of higher learning with a degree, evidence of long nights, dedication, and hard work, great rewards are expected, right? Wrong, many students in modern society will be met with a harsh reality and be bound to the nest which they took flight from four years prior. Student loans will become the new chain holding them captive to their parents. Unable to afford to live independently right after college graduation is a price some must pay for pursuing higher education.
With the ever-increasing tuition and ever-tighten federal student aid, the number of students relying on student loan to fund a college education hits a historical peak. According to a survey conducted by an independent and nonprofit organization, two-thirds of college seniors graduated with loans in 2010, and each of them carried an average of $25,250 in debt. (Reed et. al., par. 2). My research question will focus on the profound effect of education debt on American college graduates’ lives, and my thesis statement will concentrate on the view that the education policymakers should improve financial aid programs and minimize the risks and adverse consequences of student loan borrowing.