Students’ Loans Cancellation.

Students’ Loans Cancellation.

Introduction

Education is of great interest to every person and the government at large. Every nation has policies to promote and make education accessible to citizens. On the other hand, every parent strives to educate their children since education is the key to success. Nonetheless, people come from different socioeconomic backgrounds; thus, some students get an education through loans. Consequently, education is among the essential topics to debate.

Nonetheless, it is crucial to address this topic since, through it, people can shape their families, society, and the country in general. Notably, every other sector in a nation requires education. For example, the health sector will need educated practitioners; otherwise, all people will die off sickness. Bearing in mind critical diseases are emerging every day, thus relying on the traditional methods will be like waiting for a bomb to explode.

However, the topic of education is broad, and people can analyze it in various dimensions such as 1. Curriculum system, which considers learning programs and progression such as primary education, vocational training, university education. 2. Staffing, which comprises of educators and the support staff. 3, Cost, this is the highly debated area which the study will also be covering. Here the policymakers discuss the cost of running the institution and the cost students incur in getting the education. This paper seeks to review and analyze proposals on cancelling students’ loans.

Article Summary

Many students have gained access, acquired, and advanced their studies through student loans, which requires repayment after graduation. However, Mckay & Kingsbury (2019), in their article on students loans cancellation, claim that such higher education loans are threats to the nation’s economy. For example, the article reveals that students’ loans contributed to a reduction in the number of new small businesses by 14% between the years 2000 to 2010.  Many households are not able to develop as they struggle to repay such loans. Others, especially low-income earners and vulnerable populations such as black and Latino, have become poorer than before. Concurrently, the article reveals the negative impact of student’s loans, as well as, strategies that policymakers are trying to put in place to secure socioeconomic life of graduates and their families who have loans to service. Such strategies include income-driven repayment (IDR) plan, full and target cancellation, and cancellation capped at $10,000– $50,000 per borrower. Mckay & Kingsbury (2019) reveal strategies that the audience should advocate to get reform in the education sector, which will improve both the education and economy of families and the nation in general.

Analysis

The articles convey well-analyzed reasons why education sectors should reform. Precisely, authors have used adequate-researched information and statistics to prove their arguments. For example, the rate of federal loans borrowed by 44 million students is at $ 1.5 trillion a level that is alarming (Mckay & Kingsbury, 2019). Further, the article reveals that there is unfairness in the issuance and benefit of students’ loans, as well as the repayment, which has widened the ethnicity wealth gap. For example, the loans have left the less fortunate groups such as low-income earners and the Black-American poorer bearing in mind they are not in a better position to secure good jobs immediately after graduation. Concurrently, despite the negative impact of student loans, the author acknowledged the fact that such loans have made education accessible to every person, especially financial straining students. Besides, the author used reasoning appeal effectively to convince the audience by providing evidence for referral in case of doubts.

Counterargument

Higher education is expensive, and not all learners can afford it without loans. However, Mckay & Kingsbury (2019) suggest full cancellation of such loans, which might affect the future students due to lack of enough funds to support them, bearing in mind, graduates owe the nation a considerable amount of money. Additionally, slicing of the loan amount will affect the poor people. Mckay & Kingsbury (2019) claim that student loans are expensive, and for that matter, it has weakened families, which is not always the case; hence the arguments look illogical. On the other hand, the counterarguments that full loan cancellation might affect the future students by lack of funds seem unreasonable because it is more of a circular argument that has no actual proof. Therefore, the original arguments win over counterarguments since they have statistical proves.

Position

Loans play a vital role in education; however, it is crucial to consider the negative impact it has on our graduates and the economy of the nation. Additionally, the article has statistical proves that outsmarts the counterarguments, which strengthened the agreements to advocate for loan reforms. Lastly, after close analyzes, not all graduate are lucky to get jobs immediately after graduation, and others do not complete studies. Nevertheless, they should service the loans, which is a big blow to such people and their families. In conclusion, education is vital to every person though expensive. Students loan opened the door for people to get an education despite their financial backgrounds. However, the negative impact of such investments calls for reform. Subsequently, policymakers should find ways to counter losses associated with loan cancellation to avoid affecting future learners.

Reference

Mckay, K. L., & Kingsbury, D. (2019). Student loan cancellation: Assessing strategies to boost financial security and economic growth.