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Student Loan Debt Essay

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Grossmont College
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Student Loan Debt: A Lifetime of Struggle
Education is considered a fundamental right, but some say otherwise, claiming it to
be a privilege. The majority of the industrialized nations were able to pave the way for higher
education for their citizens. In America, the skyrocketing tuition rates are still on the run, where
students are always filled with looming debts. Education is being regarded as a commodity
instead of treating it as an investment for future economic growth and an act for the common
good (Applebaum). The recent graduate's inclining debts in the US student loan market has been
considered a continuous threat even at present. Several arguments have raised if student loan
debts should be forgiven or not. Student loan debt forgiveness devalues education, is not
financially realistic, and forgives borrowers regardless of income (Civitas Staff). However, the
future and prosper of the nation majority lies in the hands of the educated, and, thus, should be
forgiven as it favors economic growth, promotes mobility and career opportunities, and increases
income rates (Maggio, Kalda, and Yao).
STUDENT LOAN DEBT FORGIVENESS
Is it Economical? : Indeed, student loan debt forgiveness cancels almost the accumulated $1.5
trillion of the 45 million student borrowers; however, it is not considered a wise notion
considering the projected baseline deficit of approximately 12.4 trillion dollars and the current
national debt of around $22. 4 trillion; hence a detrimental financial move. Likewise, taxing

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financial transactions would likely be responsible for the financing; however, student loan
forgiveness prioritizes individuals who consented to the American investors, the economic
stimulators, who provided financial obligations. Hence, financial transactions are deemed taxed,
likely to be an individual financial burden, and eventually, the nation's economy (Civitas Staff).
In contrast, when debt relief is applied, students tend to be better, most especially
financially, like loans - credit cards to auto loans reduce. Proposals from Elizabeth Warren and
Bernie Sanders attracted several students as they implied canceling debts to almost 50,000
thousand dollars, while the latter proposed wiping the concept of student debt (Maggio, Kalda,
and Yao). Debt forgiveness will have a significant positive impact on the economy's overall
stance. Due to debt cancellations, more students will create different major life decisions.
Typically, when a student acquires a good-paying job, most subsequent life occurrences are
halted due to the pending student debts. With debt forgiveness, the likelihood of spending on
desires that boost the economy is possible, considering that there will be an extensive number of
those having kids, business startups, and buying real estate. There could be an increase of over
300,000 home sales annually, which is essential for the housing market. Accordingly, the GDP
will boost to an estimated $86 billion to $108 billion per year. Thus, debt forgiveness is both
beneficial to each individual and the economy per se (Arnold).
Impact on Education and Career: Total loan forgiveness creates an environment among
individuals that everything is free; thus, this includes even the concept of higher education. Most
do not realize that some things are worth a price (Civitas Staff). When higher education is
deemed free for all, its charm eventually plummets. The attraction ceases due to higher education
availability, which is always within grasp, hence loosening its prestige. Eventually, with the
increasing college graduates, the market will flood, exceeding the demand for job availability.

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Last Name 1 Name Subject Course Professor Date Student Loan Debt: A Lifetime of Struggle Education is considered a fundamental right, but some say otherwise, claiming it to be a privilege. The majority of the industrialized nations were able to pave the way for higher education for their citizens. In America, the skyrocketing tuition rates are still on the run, where students are always filled with looming debts. Education is being regarded as a commodity instead of treating it as an investment for future economic growth and an act for the common good (Applebaum). The recent graduate's inclining debts in the US student loan market has been considered a continuous threat even at present. Several arguments have raised if student loan debts should be forgiven or not. Student loan debt forgiveness devalues education, is not financially realistic, and forgives borrowers regardless of income (Civitas Staff). However, the future and prosper of the nation – majority lies in the hands of the educated, and, thus, should be forgiven as it favors economic growth, promotes mobility and career opportunities, and increases income rates (Maggio, Kalda, and Yao). STUDENT LOAN DEBT FORGIVENESS Is it Economical? : Indeed, student loan debt forgiveness cancels almost the accumulated $1.5 trillion of the 45 million student borrowers; however, it is not considered a wise notion considering the projected baseline deficit of approximately 12.4 trillion dollars and the current national debt of aro ...
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