The Double Edge Sword Known As Student Loans
Higher education should not be a privilege but a right; it should not be exclusively for the privileged. Not so many years ago the idea of seeking a college degree was optional. There were many jobs available in the United States that one could produce enough earnings to support a family. They were referred to as middle class jobs, however, due to some poor decisions made by our government those jobs are no longer available and the middle class is gone. Factories have moved to other countries and goods are produced cheaper there and imported back into this country ergo, we have become a country that no longer produces textiles, steel, or electronics, just to name a few. Most jobs that are available are in the service industry, namely cooks, retail sales and waitressing which do not produce a livable wage. To provide a service that will sustain a family, one must seek higher education; this is no longer an option, but a necessity. With the middle class now gone, the only way to fund higher education is with grants and loans. Grants typically do not provide enough funds to cover books and tuition unless the student lives with their parents; unfortunately student loans area double edge sword.
Education, like everything else continues to rise in cost disproportionately with income. For most students taking a loan is the only way to achieve their academic goals. This decision should never be taken lightly as there are many risks involved. You must repay your loans even if you don’t complete your education, can’t find a job related to your program of study, or are unhappy with the education you paid for with your loan. However, certain circumstances might lead to your loans being forgiven, canceled, or discharged. (Studentaid.gov) Forgiveness of a loan is not a common event, death, total and permanent disability, and in rare cases bankruptcy are some instances that forgiveness may be available....