Wednesday, May 6, 2020

Student Lo Samaritan Or Satan - 1545 Words

.. Yeyang Gu ESL 400 11/18/2015 WA#3 3rd Draft Student Loan: Samaritan or Satan? â€Å"Die Luft der Freiheit weht† is Stanford’s motto, which means â€Å"The wind of freedom blows.† However, selective universities are not â€Å"free† like Stanford University’s motto and even less â€Å"free† when students graduate. College students pay a huge amount of tuition every year, and yet not every college graduate can find a satisfying job. Many college students choose to take out student loans. Student loans give many students chances to go to college indeed, but it is not really good for students because it will cause major problems in the future. Student loans are more like Satan for the time being, since the total amount of student loans is overwhelming, and most†¦show more content†¦Only a small portion of the parents are able to fund their kids completely, but what happens to the college students who go to college on their own? Other than stand on their knees and pray for miracles to happen, the more realistic way to get the money is to take out loans. Peter Coy states in his article Student Loans: Debt for Life, â€Å"Two-thirds of seniors graduated while owning various institutions quite a lot of money.† In his article How The $1.2 Trillion College Debt Crisis Is Crippling Students, Parents And The Economy, a Forbes writer, Chris Denhart, wrote â€Å"According to the Consumer Financial Protection Bureau, student loan debt has reached a new milestone, crossing the $1.2 trillion mark.† There are some obvious factors that bring up together a $1.2 trillion debt. For instance, the interest rates are high. According to Federal Student Aid website page â€Å"Interest Rates and Fees† student loan interest rates vary from 4.29% to 6.84% (Federal Student Aid). Like I previously mentioned, the tuitions are sky high. The insufferable loans make many miserable students suffer a lot. Peter Coy states that a medical student in New Jersey named Thomas Smith need to pay a $310,000 stude nt loan debt, and a Brooklyn guy named Michael DiPietro is a

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