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Does the national student loan repayment have any effects on the economy?

Paying back student loans has been a subject of discussion for a while. Every student has his or her own opinion over the repayment of the federal student loans. Most students finance their education through various college financial aid. I think the national student loan should be available as a grant. One of the consideration to secure a government job is the compliance to loan repayment. I find this to be a way of segregating some graduates. It is not possible for a graduate to repay unsubsidized student loan unless he has secured employment that guarantees the payment.

Whitney Matthews

in Student Loans

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Heather Maxwell on April 20, 2018

No

I spend five years after graduating looking for employment. Life has not been comfortable on my side. I spend all I had traveling from one region to another with the hope of securing a job. I was able to get some attachments, most of which last for a month. The most prolonged period I worked was six and half months, and the project I was working for was completed. I was dedicated to settling my loans, and through the struggle, I managed to pay my federal student loans for a while. Because of the attention to more urgent needs, I was unable to continue paying back my student loan.

There was an opportunity that arose from the government, I applied, but I was not able to secure because of inconstancy in my loan repayment. I felt that the government has devised a way to lock out some graduates from such opportunities. I thought that national student loans should be a grant. The government can come up with a program that will allow every graduate who benefits from the finance, work for one year without salary as a way of repaying the loan.

I believe that most graduates missed some opportunities because they were not in a position to repay their loan in due time. It becomes painful when a graduate fails to get a job because of the outstanding loans. It does not add up to the economy where scholars are devoted to working to repay their loans and develop themselves concerning their ambitions. Colleges’ financial aid in the form of scholarships and grants should be increased to cater for many students as opposed to loans. It is noteworthy that many students default in repaying the loan and few who pay, do it in agony.

The need for a government to educate its citizens should be demonstrated on how it handles issues relating to student loans. I suggest that unsubsidized student loans should be eliminated, and replaced with more considerable lends. The accrued interests make it hard for most graduates to handle these loans. No government has ever stopped functioning because of the accumulation of students’ loan debt. The government has always had enough to run the budget and keep loaning to students. The significance of these loans to the economy is very minimal. I am confident that even if all the graduates’ default, the government will never collapse.

Kurt Price2 years ago

I have another opinion on this. I believe that any amount in the national treasury has a budgetary allocation. The perspective of most students is to have the loans given as a grant. Not all learners funding comes from the federal government. Some college financial aid is from private bodies that venture into lending as a business. Such businesses contribute significantly to the economy. Paying back the student loan is a responsibility of loyal citizens. When graduates consider the achievements they attain from such loans, they will be thankful and feel the responsibility of repaying. The government depends on revenue collected from citizens. If all amounts given to students have to be free, then the taxpayers will have to bear the cost. Many citizens will take a burden they don’t deserve. Student loan repayment is significant to the economy, having a country with educated people boosts the economy through the quality of services and products they produce.


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