Problem and Solution: Government Is Not Responsible for Student Loan Debt

Introduction: The Problem and Solution Essay is to refer to a current social problem and discuss multiply solutions. It aims to offer the best policy that a writer believes. This essay focuses the problem that U.S. government is overloaded by forgiving the student loan debt.

The problem of student loan debt is exposed to social focus. According to the MarketWatch, approximately 70% of bachelor’s degree recipients have debt. The $1.2 trillion in student loan debt is waiting to be prevented. America is facing a student loan crisis. The increasing debt tends to be a burden for college students which may bring an undesirable effect to the American economy as well. In this case, the US government might forgive all the students debt. However, Jordan Weissmann argues that forgiving all the loan debt is an awful and regressive idea. Firstly, he asserts it will be expensive for the government to forgive all of the student loan debt. Besides, the government may have better uses of the money rather than forgiving student loan debt. Additionally, he argues that if student loan forgiveness is a regressive way to deal with the debt. The majority of the borrowers can handle the debt. For someone who can get considerable salaries, they even enable to afford more than half of the student loan debt. So that forgiving all the student loan debt is a little helpful for that struggling dropouts while most of the borrowers can acquire windfalls. Therefore, Weissmann argues that forgiving all of the student debt is not an efficient method to solve the student loan debt problem.

America student loan debt crisis is getting serious. However, for dealing with the problem, Weissmann states that student loan debt forgiveness is an unjustifiable way for the government. I agree with that. Further, the government is not supposed to work on the student loan debt alone. To solve the student debt crisis, borrowers, social associations, and colleges need to work together.

First of all, student borrowers are supposed to pay the debt by themselves. As Jordan Weissmann stated, most of the borrower enable to pay back loans after getting jobs. The loan debt only took up several percents of their salaries. According to Freak Nomics, the government doesn't have to distribute money to college graduates College students is a kind of group that can acquire high incomes typically and enjoy salary growth (Forgive Student Loans? Worst Idea Ever.). It is unnecessary for the government to pay the college degree for those anticipated “white collars”. Instead, the borrowers can solve the debt problem independently. In addition, if a borrower cannot afford the debt foreseeably, he or she had a choice to be college dropouts before borrowing the money. Therefore, if a college students choose to have a loan, he or she ought to consider the self-ability of paying back. The government does not need to afford all the student loan debt for those college students.

In tandem with this, the government can encourage social associations, especially commercial incorporations to solve the problem. It is demonstrated that American government has already failed to afford all the student loan debt. As Jordan Weissmann suggests, it is too expensive for the government to forgive all the student loan with few benefits. For student loan debt, the government has to reduce the social welfare and security expense. According to the MarketWatch, elder borrowers are probably losing their retirement benefits. Additionally, in a check in 2013, around forty thousand Americans lost a portion of their Social Security due to an unpaid federal student loan (America’s growing student-loan-debt crisis). However, money is out of problem for some commercial companies or social foundations. Big incorporations which have considerable incomes usually donate their money to social charities. For example, in 2016, apple inc. donated more than 3 million dollars to different organizations (Apple Support for Charity). Therefore, social associations can afford the student loan debt as the charity for education. On the one hand, it’s a kind of donation which can reduce the burden of government. On the other hand, it is an investment for consumption. According to Student Debt Crisis, the debt prevents borrowers from consumption. By eliminating the loan, extra dollars can “fuel” the economy immediately (Forgive Student Loan Debt to Stimulate the Economy). Once forgive all of the student loan debt, borrowers can put more money into the company’s products. Particularly for some real estate or car agencies, it is a foreseeable investment. Therefore, the social institutions should be encouraged to join in the student loan debt forgiveness program.

Another proposal is that to solve the student loan debt is a part of work for colleges as well. The growth of student debt is not only due to the high tuition but also the policy from colleges. Some colleges set a wide threshold for student loan debt to appeal more students to come. Another possibility is that colleges may decrease the scholarships or grants for their own sake and throw the tuition burden to their students. For those reasons, student loan debt is rising. Accordingly, colleges are responsible for student borrowing the money (America’s growing student-loan-debt crisis). They are supposed to contemplate the counterproductive outcome. Such policy will mislead their students. Some of them may regard borrowing money as a necessary way to support their college tuition. Actually, they can get more scholarships or other supporting from colleges. In addition, too heavy debt might block the education development. Students may abandon the higher degree due to the unaffordable debt. Therefore, colleges must take the responsibility to reduce the percentages of student loan debt by some efficient policy. Definitely, College funding ought to be used in a right way.

Clearly, the student loan debt crisis is an obstacle for American development. All things considered, forgiving all the student loan debt by the government is unable to help most of the poverty. It will put a lot of the government funding in an unnecessary area. Obviously, the government is not expected to forgive all the student loan debt. To solve the debt crisis, the whole society needs to work together. The government, colleges, students, social organizations are on the one side.

Works Cited

Berman, Jillian. America’s growing student-loan-debt crisis. 19 Jan. 2016. 22 Feb. 2017. <http://www.marketwatch.com/story/americas-growing-student-loan-debt-crisis-2016-01-15>.

Forgive Student Loan Debt to Stimulate the Economy. 11 Feb 2015. 22 Feb. 2017. <http://studentdebtcrisis.org/forgive-student-loan-debt-to-stimulate-the-economy/>.

Kantrowitz, Mark. Why the Student Loan Crisis Is Even Worse Than People Think. 11 Jan. 2016. 22 Feb. 2017. <http://time.com/money/4168510/why-student-loan-crisis-is-worse-than-people-think/>.

R., Steve. Apple Support for Charity. 3 Dec. 2016. 5 March 2017. <https://macrumors.zendesk.com/>.

Wolfers, Justin. Forgive Student Loans? Worst Idea Ever. 19 Sept. 2011. 5 March 2017. <http://freakonomics.com/2011/09/19/forgive-student-loans-worst-idea-ever/>.