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The Student Loan Crisis
Since the average household income remains unchanged since 2000, the high cost of credits at my private school forces students either to leave and find low-cost schools or borrow some money to cover all educational expenses. The students choice to leave our private school and apply for a public school can negatively affect not only school organizational health but also contribute to a low level of educational attainment among students with limited financial resources. Furthermore, the loan debt has a profound impact on students lives, causing delays in important events such as an engagement, marriage, childbirth, house purchase etc.
The burden of high loans negatively affects employment plans, forcing students to apply for more than one job, work extra hours, or select a job outside their specialty. While a part-time job provides financial assistance, it also consumes students time that could be spent on studying. The side job can have a negative impact on the academic development and make students concentrate on earning money instead of studying hard. On a larger scale, the present academic failures can result in students inability to find appropriate and well-paid jobs in their field in the future. Thus, it is not surprising that many students claim that their education is not worth the cost.
Nevertheless, this challenging situation can be successfully resolved at the institutional level. More specifically, it is imperative to raise awareness about the student loan crisis and its serious ramifications in our community. In order to do this, our private school can annually monitor the number of students who graduate with an excessively high loan debt. This data can be utilized to improve loan counseling services. In addition, students loan limits should be properly controlled and managed. For instance, a financial aid administrator should be encouraged to limit students borrowings in accordance with their enrollment status. Thus, a part-time student should no longer be allowed to borrow the same amount of money as a full-time student. The student loan crisis would be less severe if the school helped students to better understand the specifics of loans they take out. Therefore, it is recommended that financial aid award letters clearly explain the difference between loans and grants so that students could make a right decision.
All in all, the student loan debt remains a pressing problem for education institutions, especially for private schools. Costly education significantly influences students lives, making them deviate from their plans, ambitions, and personal aspirations. In addition, large loans force students to find part-time jobs, which can prevent them from achieving the academic success. Raising awareness and tracking the number of students in debt can help to effectively address the problem of high tuition fees at the institutional level. Moreover, proper management of students loan limits can also help to solve the problem. Finally, a school should also ensure that all students fully understand the nature of financial aid award letters as well as the consequences of taking out loans.
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