Answer to Question #207808 in Philosophy for Jen

Question

According to multiple sources, "Americans owe over $1.4 trillion in student loan debt...that's about $620 billion more than the total U.S. credit card debt...the average class of 2016 graduate has $37,172 in student loan debt" (SLH). What potential problems does this pose? What, if anything, should be done about this and by whom?

2) What motivated you to go to college and do you think that it will be worth the investment?

3) What should Americans consider before applying to college?

Answer 1

1) The potential problems that accrue to such high loans on students is that the recovery process might be tedious and hard. Students are likely to default monthly payments after school given that they may not get jobs where deductions are done thus making payments hard.

The government should limit access to loans to students to reduce the rate at which the uptake is done. Those students who get access to loans should be subjected to government jobs where the recovery of loans is easily done and the remainder who do not get access to government jobs be subjected to the credit bureau for monitoring.

2) I was much motivated to go to college so that I can acquire skills that will enable me to get a job after school or give me the skills necessary to open and run a business effectively. Further, I wanted to broaden my mindset and thinking in handling different aspects of life in a society in need of wise people. It is worth an investment because, in most instances, skills and knowledge gained from college determine someones future growth and success.

3) Americans should consider their financial depth before applying to college to gauge whether they are able to finance their studies or not. They should not be the reason why the student loan will keep piling up. They should also consider whether they are moral enough to pay for their education loans once they get access to them.