The Double Edge Sword Known As Student

1076 words - 5 pages

April 9, 2014

Assignment 3

The Double Edge Sword Known As Student Loans
Higher education should not be a privilege but a right; it should not be exclusively for the privileged. Not so many years ago the idea of seeking a college degree was optional. There were many jobs available in the United States that one could produce enough earnings to support a family. They were referred to as middle class jobs, however, due to some poor decisions made by our government those jobs are no longer available and the middle class is gone. Factories have moved to other countries and goods are produced cheaper there and imported back into this country ergo, we have become a country that no longer ...view middle of the document...

Repayment of a student loan is not easy and certainly not cheap. Interest on the loans is determined by Congress and the amount of interest that accrues (accumulates) on your loan from month to month is determined by a simple daily interest formula. This formula consists of multiplying your loan balance by the number of days since the last payment times the interest rate factor.(Studentaid.gov) The interest rate factor is the current interest rate divided by 365. Interest compounded daily gets expensive at an exponential rate. The student pays interest on interest! Congress should step in and reconstruct the loans to make them comparable to corporate loans where interest rates are frequently less than one percent and interest is calculated fairly, not daily. In 2012 Congress fought whether to let student loan rates increase from 3.4 to 6.8 percent interest. In the end Congress did keep the rate at 3.4, however it still accrues on a daily basis making repayment lengthy and expensive. If the loans were constructed comparable to an auto loan where the interest is calculated based on the principle then divided into equal payments for a set amount of time, the student’s obligation would be greatly reduced.
When the loan enters into repayment status the payments are huge, often times comparable to a mortgage payment. The student then has no available funds to stimulate the economy; every penny earned goes to an enormous loan payment extending ten to thirty years. Congressman Hansen Clarke proposed a bill that would alleviate some of the burden that has been placed on students. This proposal included the 10/10 Loan Repayment Plan which (a) would for ten years automatically withdraw 10 percent of the debtors income and then (b) would forgive loan debt up to $45,000… The petition claimed that forgiving debt would stimulate the economy by in effect giving the former students more money to spend.(Applebaum 465) Unfortunately only one congressman had the nerve to sign the bill notwithstanding the desperation of millions of loan bearers.
The New York Federal Reserve estimates that 37 million Americans have student loan debt, totaling 870 billion dollars.(468) Interestingly...

Other Papers Like The Double Edge Sword Known as Student

Samurai And Sword Essay

1892 words - 8 pages into a little bit of the history of the sword itself. The sword was split into about four different time periods. However, some say that the sword dates back as far as 1300 years ago. The Japanese sword was a double edged blade, which originated from the Chinese sword, the Jian. Thus, the Katana - Japanese sword – was born. Around the same time period, during the Heian period, when the samurai came about, the Japanese sword slowly began to

Dell Swot Essay

747 words - 3 pages growth rate of the computer industry is also slowing down. Today, Dell has the biggest share of the market. If the demand slows down, the competition will become stiffer in the process. Dell has to work doubly hard to differentiate itself from its substitutes to be able to continue holding a significant market share. Technological advancement is a double-edge sword. It is an opportunity but at the same time a threat. Low-cost leadership strategy is no longer an issue to computer companies therefore it is important for Dell to stand out from the rest.

Kendo

763 words - 4 pages Samurai warrior is a sense of “oneness”. The feeling of hope and achievement are taken with each swipe of the sword, and the power in the sword provides the Samurai with the strength to overcome any enemy. For this reason the Samurai are known for centuries as being the perfecter of Kendo and they are the epitome of excellent marksmanship. The Samurai era lasted for centuries as they were known as the greatest warriors of all time. By perfecting a

Chile Miners

990 words - 4 pages approach in effort to maintain a calm atmosphere. Further, it was extremely important that the speaker provides his undivided attention to first the relatives (i.e. immediate family members) of the victims as well as the media representatives. This essentially is a “double edge sword”, where the media can portray you in a negative or incompetent manner which would not be good for the speaker (i.e. Government Representative). In addition, you have to

Gsl Scientific Library

4796 words - 20 pages (−t2 /2). The hazard function for the normal distribution, also known as the inverse Mills’ ratio, is defined as, h(x) = Z(x) = Q(x) 2 exp(−x2 /2) √ π erfc(x/ 2) It decreases rapidly as x approaches −∞ and asymptotes to h(x) ∼ x as x approaches +∞. double gsl_sf_hazard (double x ) int gsl_sf_hazard_e (double x, gsl sf result * result ) These routines compute the hazard function for the normal distribution. [Function] [Function] 7.16

Beowulf Essay

581 words - 3 pages . He shows how intelligent he can be when he was fighting Grendel’s mother and he became weary and became stumbling. In the midst of a battle, Beowulf almost dies if it were not for his woven mail shirt he wore on his chest. “Saw mid the war-gear a stately sword, An ancient war-brand of biting edge, Choicest of weapons worthy and strong, The work of giants, a warrior's joy, So heavy no hand but his own could hold it, Bear to battle or wield in war

The World Is Flat By Thomas Friedman (2005) Review

546 words - 3 pages (globalization) from yesterday. Globalization is not immediate change. And he is not practitioner in modern economics yet he tried to be one and touched on globalization effects. Globalization is double edge sword and it is not all juicy as Friedman suggested. Many US based multinational companies in the run up to cutting costs, are choosing to outsource some of their functions to outsourcing companies in developing or third world countries like

Capital Punishment?

571 words - 3 pages Capital punishment is the legal process where a person may have to pay the ultimate price with death. Many countries have abolished capital punishment, and these countries seem like they are on the right path. They think nobody deserves death no matter the circumstance or do they? Capital punishment is like a double edge sword. The motto, "Eye for an Eye" is that really justice or murder. In the victim's eye, that is justice but for the

social media

1303 words - 6 pages and Home Depot have been victims of hackers affecting not only the business itself but the customers as well. Social media can be a double edge sword. Though other may take advantage and will use the power of the internet to harm others, it can also serve the people as way of socializing and keeping in touch with new and old friends. The social network has been a huge part of everyone’s life, it is our decision whether to use it for the good

Computers And Technology

1032 words - 5 pages , and thus people are losing their jobs against technology. Traditional skills would be lost, and mass production would lead to a loss of culture. Hence, it is essential to expose students to both the humanities and the sciences as technology, a form of science, is like a double-edged sword, efficient to mankind, and yet indirectly affects our culture. Medicine is another form of science available in our world. “It is both an area of knowledge, a

The Long Arm of Law

869 words - 4 pages guards at social events. We must also appreciate their efforts in solving crimes and bringing bad guys to justice. Granted, there is a lot to criticize law enforcement for. Granted, all too often their behavior is suspicious, and in need of improvement, but just what would we do without them? It is indeed a double edge sword. Some complain that the problem may be salaries; others say that it is just a job to too many and still others explain that

Related Essays

The Obstacle Course Known As Childhood. An Essay About The Difficulties Of Childhood Using "To Kill A Mockingbird" By Harper Lee As Its Source

811 words - 4 pages growing up in Maycomb. They handled their emotions with complications. They had to deal with the endeavours of Maycomb. They heard the conflicting opinions of others. These reasons are why this time in life is hard. That is why it is the obstacle course known as childhood.

Reptilia: Testudines: Carettochelyidae Carettochelys Insculpta This Is A Species Account On The Carettochelys Insculpta Or Also Known As The Fly River Turtle Or The Pig Nosed Turtle

1663 words - 7 pages insculpta's head. The chin itself also has a cream to light brown color. The jaws are big with a strong grip. The tongue is pink and fleshy and the eyes have a black pupil and a black iris with a dark blue edge. One other distinguishing feature of the turtle's head is its prominent nose. A soft, trunk-like snout with two large openings at the end has given the turtles its name: Pig-Nosed Turtle (Ernst & Barbour, 1989).FIGURE: Distribution of the

Duffy Effectively Uses Stylistic Features Such As Mythopoesis Throughout “The Worlds Wife” Collection To Retell Well Known Stories From A Female’s Perspective And In Some Of The Poems Reverses The...

4558 words - 19 pages 军队进行曲 Piccolo !!!! 2 C = 95 a  4 !!!! 2  4 !!!! 2  4  !!!! 2 4  !!!! 2 4  !!!! 2 4 ƒ !!!! 2 4  !!!! 2 4 ƒ !!!! 2 4 !!!! 2  4 !!!! 2  4 a a a a a a a a a a | a a a a a a a a a a a | a a a a a a a a a a a | a a a a a a a a a a a tÇ a a a a a a a a a a a d | a a a a a a a a a a a 项道荣 Flutes Clarinets Trumpets !!!! 2 |  4 ” French Horn Trombones Tuba Cybal Timp Hits Snare Violins 1

Dell Swot Analysis

642 words - 3 pages for a customer. They might choose other brands instead of waiting for Dell’s customized computers. * The growth rate of the computer industry is also slowing down. Today, Dell has the biggest share of the market. If the demand slows down, the competition will become stiffer in the process. Dell has to work doubly hard to differentiate itself from its substitutes to be able to continue holding a significant market share. Technological advancement is a double-edge sword. It is an opportunity but at the same time a threat. Low-cost leadership strategy is no longer an issue to computer companies therefore it is important for Dell to stand out from the rest.