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Hi, I need help with essay on Article: Low-Cost Loans Entice Students More for the Cash Than a Degree, WSJ, March 3, 2014. p.A1&4. Paper must be at least 500 words. Please, no plagiarized work!The stu
Hi, I need help with essay on Article: Low-Cost Loans Entice Students More for the Cash Than a Degree, WSJ, March 3, 2014. p.A1&4. Paper must be at least 500 words. Please, no plagiarized work!
The student loans are meant for financing higher education but a high percentage of it is used for sustaining daily needs. This has led to people incurring huge student loan debts. According to the federal Education Department data, the academic year 2011 – 2012 saw 68% of undergraduate borrowers hit the maximum limit mark. The untoward thing is that a number of of these borrowers did not log in any credits during that period (Collinge, 43).
The student loans do not have strict measures on borrowing and no follow up is done on how the cash is used. Their low interest rates have also attracted more people. Many people end up not finding jobs and life becomes unbearable. Some of them opt to go back to school not necessarily, because they want to but because they can get a loan that can sustain their needs. It is clear from the article that no strict measures are in place to monitor how the cash is used. It is additionally made shoddier by the reality that the schools are not allowed to deny funds even if the loan has exceeded the normal limit (Maeda, 52).
Most student loans taken are way above the normal limit. This should not be the case since the normal limit caters for tuition fee and living expenses. This trend has seen many people enter into debts that they may never get out of. A good percentage of the borrowers do go back to school with the loan but exceed the limit due to the need for extra cash. Capella Education Company examined student costs and debt. it revealed that a quarter to three quarters of loans taken by students were for other needs other than education (Stone, 45).
The positive side of this is that cash is readily available to those who would want to advance their learning and get enhanced jobs and the repayment is done after one is through and has a job. This gives people time to plan their finances and be able to repay so that the cash can
