essay on student loans

Your Guide to Student Loan Applications

The modern-day educational system depends on student loans. Because college is expensive, it’s challenging for students to afford higher education without loans, scholarships, or a combination of the two. Read on to learn more about applying for student loans.

Undergraduate and graduate students have an education student loan available to them. These loans are based on financial need and are issued by the government. Under many circumstances, there are also private loans available. The amount of the student loan is dependent upon the financial situation of the student. The school makes these financial decisions. The first step in obtaining student loan plans is receiving a financial aid package. Each package consists of loans, grants, scholarships, and work-study programs offered to the student.

When to Apply

Students must apply for federal student loans by filling out their FAFSA during the designated time. Typically, students should have their FAFSA complete before the semester begins for which they need funding. It’s possible for students to apply student loan online and complete their FAFSA. Once it’s submitted, they’ll receive information about direct loans student loans, as well as any other student loan offers.

How Can You Get Student Loans?

As long as you apply for your FAFSA before the set deadline, students can apply for online school student loans anytime throughout the school year. If they have questions, it’s critical that they contact student loan department at the college they’re intending to attend or are attending. That way, they’re sure they’re going about the correct process for how to get government student loan. The phone number for student loans it typically on the contact page of the college or university’s website.

Student Loan Limits

Under some circumstances, a student loan in USA may not cover the entire amount of tuition. Under these circumstances, students must apply for additional student loans. There may be a need for a cosigner for student loan, but that is a question the student will have to inquire about during the loan process.

How Much Should Students Borrow?

When students are borrowing for their loans, it’s critical they’re not asking for too much. The main reason is that they have to pay these funds back and the interest rates are high. For example, those seeking student loans Great Lakes may wish to consider borrowing for housing, books, and tuition. Another example would be an OSLA student loan whereby a student chooses to live off-campus and decides to borrow for tuition and pay out-of-pocket for books. An international student loan USA may be able to reduce their loans by participating in a work-study program or by becoming a research assistant.

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How to Apply for Student Loan Forgiveness 2022

At the end of August 2022 , President Bidden announced a student debt relief plan that includes several benefits, including student loan forgiveness. While details about the plan are still rolling out, student loan borrowers are already clamoring for information, like how to apply for student loan forgiveness — or if you need to apply at all. Here’s a look at what we know so far.

Will Student Loans Be Forgiven?

Per the announcement, eligible students will receive up to $20,000 in student loan forgiveness. The exact amount varies depending on income levels and whether the student was a Pell Grant recipient at the time the loan was issued.

While the announcement was official, there’s still a chance that any student loan forgiveness through this specific program will get delayed or may not happen. Legal challenges could alter the timeline or may result in the proposed plan not moving forward, though. 

What Is Biden’s Student Loan Forgiveness Plan?

Biden’s student loan forgiveness plan is a program that aims to reduce the burden of student loan debt for qualifying borrowers. Qualifying loans will be eligible for up to $20,000 in loan forgiveness if the borrower was also a Pell Grant recipient and is under the income threshold of $125,000 for an individual or $250,000 for their household. 

For students who didn’t receive Pell Grants, up to $10,000 in loan forgiveness is available if their income is below $125,000 for an individual or $250,000 for a household.

In either case, this is a one-time student loan debt relief program. Borrowers will not be receiving any additional student loan forgiveness through this program, regardless of their income level or remaining balance.

Additionally, only Department of Education-held loans — also referred to as federal student loans — are eligible for forgiveness, regardless of their servicer. Private student loans are not covered by this program. Further, the forgiveness is non-refundable, so those who have balances below the maximum amount they are eligible for will see their debt cleared, but won’t receive the excess as a payment.

Who Qualifies for Student Loan Forgiveness? 

Generally, any borrower with an income below $125,000 as an individual or $250,000 as a household is eligible for student loan forgiveness on their federal student loans of up to $10,000. For those who also received Pell Grants when they took out their student loans, they are potentially eligible for another $10,000 in student loan forgiveness, bringing their total amount up to $20,000.

How Does Student Loan Forgiveness Work?

How student loan forgiveness under Biden’s new program will work varies depending on whether the Department of Education currently has income data on you. If you use repayment plans like income-based repayment, the process may happen automatically. If not, you’ll need to complete a short application to provide the requested information.

If you want to receive updates about the process, sign into your account on StudentAid.gov to confirm your contact information. That allows you to receive emails or text messages from the Department of Education in regard to the program. Additionally, after signing in, you can review any recent announcements, allowing you to catch up on information you may have missed.

You’ll also want to ensure that your contact information is up to date with your loan servicer. If you aren’t sure who your servicer is, logging into your Student Aid account lets you access that information.

For those who need to submit an application, that will become available in October 2022. The Department of Education recommends applying by November 15, 2022, to ensure your loan forgiveness will process before the last payment pause ends. However, if you miss that cutoff, you can still apply. 

The application will remain open until December 31, 2023, giving you more than one year to submit the needed information.

How to Apply for CARES Act Student Loan Forgiveness

Technically, there isn’t any student loan forgiveness offered through the CARES Act. Instead, there was simply a pause on student loan payments and interest around the time the CARES Act was formalized.

Payments and interest have been deferred since March 2020. After several extensions, that pause is scheduled to expire — actually expire this time — on December 31, 2022. As a result, student loan borrowers who have a remaining balance after that date should plan on resuming their payments at that time, with their first payment due on their selected due date in January 2023. 

Whether a student will need to apply for forgiveness or if it will occur automatically depends on whether the U.S. Department of Education has the details it needs on file. Almost 8 million borrowers may be eligible for automatic relief, mainly because they’ve submitted income data to qualify for income-based repayment or similar programs.

For the remaining eligible borrowers, an application is being developed that will collect the needed data. It’s expected to be released in early October 2022, and borrowers can get notified of its availability by signing up on the Department of Education’s subscription page .

Once an application is completed, students should see relief in four to six weeks. As a result, those who apply early may see the amount deducted from their balances before the extended payment pause ends on December 31, 2022.

Will Biden Forgive Student Loans Completely in the Future?

At this time, it isn’t clear whether any additional student loan forgiveness is likely to occur. Many experts assume that this round is all that the Biden administration will offer, so students and borrowers should plan accordingly.

However, that doesn’t mean more student loan forgiveness isn’t possible. Congress could potentially pass its own program, for example, which President Biden might approve. But that isn’t guaranteed to even end up on the table, so keep all that in mind when making any financial decisions.

How Do I Know If My Student Loans Are Forgiven? 

Precisely how borrowers will be notified that their loan forgiveness has been processed isn’t clear as of yet. There may be statements from the loan servicers, but those details haven’t been formally released. As a result, students who apply for forgiveness — or borrowers who are eligible for automatic forgiveness — should monitor their accounts online and check their mail for more information from their servicers.

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Home — Essay Samples — Education — Higher Education — Student Loan Debt

Student Loan Debt Essays

Student loan debt essay topics and outline examples, essay title 1: the impact of student loan debt on higher education.

Thesis Statement: The growing burden of student loan debt has far-reaching consequences, affecting not only individual borrowers but also the accessibility and affordability of higher education in the United States.

• Introduction
• Rising Student Loan Debt Levels
• Barriers to Accessing Higher Education
• The Impact on Career Choices and Financial Stability
• Potential Solutions and Policy Reforms

Essay Title 2: The Psychological and Emotional Toll of Student Loan Debt

Thesis Statement: Student loan debt can take a severe psychological and emotional toll on borrowers, affecting their mental health, relationships, and overall well-being.

• The Stress and Anxiety Associated with Debt
• Impact on Personal Relationships and Life Choices
• Strategies for Coping with Student Loan Debt Stress
• The Need for Mental Health Support

Essay Title 3: Exploring Solutions to the Student Loan Debt Crisis

Thesis Statement: Addressing the student loan debt crisis requires a multifaceted approach, including policy reforms, financial literacy education, and innovative repayment options, to provide relief for borrowers and future generations.

• Policies Aimed at Reducing Student Loan Debt
• Empowering Borrowers Through Financial Education
• Innovative Repayment Plans and Loan Forgiveness Programs
• Ensuring Affordability and Accessibility of Higher Education

The Burden of College Debt: Challenges and Solutions

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Student Loan Debt Struggle in The United States

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College Should Be Free: Student Loan Debt

The main reasons college should be free for everyone, college should be free: reasons and solutions, the problems with student loans and fees in the uk and the us, pros and cons of government funded college, discharging students' debts through bankrupcy.

Student loan debt refers to the financial obligation incurred by individuals who borrow funds specifically for educational purposes. It is a type of debt that students accumulate to cover the costs of tuition, fees, books, and living expenses during their pursuit of higher education. Student loan debt typically consists of borrowed money from government-based programs or private lending institutions, which students must repay over a specified period of time, often with interest.

Student loan debt in the United States has reached staggering levels and has become a pressing issue in today's society. As of recent data, the total student loan debt in the US exceeds trillions of dollars, making it one of the largest sources of debt for Americans. Many factors contribute to the current state of student loan debt, including rising tuition costs, limited access to grants and scholarships, and the increasing number of students pursuing higher education. The burden of student loan debt has far-reaching consequences for individuals and the economy as a whole. Many borrowers struggle to make timely repayments, leading to financial strain, delayed milestones such as homeownership or starting a family, and limited career choices. The ripple effects extend to the broader economy, affecting consumer spending, saving rates, and overall economic growth. Efforts to address the student loan debt crisis are underway, including income-driven repayment plans, loan forgiveness programs, and increased financial literacy initiatives. However, the magnitude of the problem necessitates further attention and comprehensive solutions to ensure that higher education remains accessible and affordable while mitigating the long-term impact of student loan debt on individuals and society.

Student loan debt has a significant historical context that spans several decades. The roots of the issue can be traced back to the mid-20th century when higher education became increasingly expensive, leading to a surge in the need for student loans. In the United States, the establishment of the Federal Student Aid program in the 1960s aimed to provide financial assistance to students pursuing higher education. However, the situation evolved over time, and the accumulation of student loan debt became a pressing concern. During the 1980s and 1990s, tuition fees continued to rise, and the availability of federal grants decreased. As a result, students increasingly relied on loans to finance their education. The early 2000s witnessed a further expansion of the student loan market, with private lenders entering the scene alongside the government-backed loans. This expansion brought about changes in lending practices and the increasing burden of debt on students.

The influence of student loan debt extends beyond the individual level and has a profound impact on various aspects of society. Firstly, it affects the financial well-being of borrowers, often causing stress, limited financial freedom, and delayed milestones such as homeownership or retirement savings. The burden of debt can also impact mental health, creating anxiety and depression among borrowers. On a broader scale, student loan debt influences the economy. High levels of debt can hinder consumer spending and savings rates, affecting economic growth. Graduates burdened with student loans may delay or forego major life decisions, such as starting a business or pursuing advanced degrees, which can impede innovation and entrepreneurial activities. Moreover, student loan debt exacerbates social and economic inequalities. Those from disadvantaged backgrounds may face additional challenges in accessing higher education due to financial constraints, widening the opportunity gap. The burden of debt can also perpetuate intergenerational poverty, as individuals struggle to accumulate wealth and provide for future generations.

Public opinion on student loan debt is multifaceted and varies among individuals. However, there are some common themes that emerge. Many people acknowledge the growing concern surrounding student loan debt and the challenges it poses for borrowers. There is a general recognition that the rising cost of education and the increasing reliance on loans have created a significant burden for students and graduates. Public opinion is often divided on the responsibility of borrowers versus the role of educational institutions and the government. Some argue that borrowers should take personal responsibility for their loans, while others believe that the education system and policymakers should be held accountable for the affordability and accessibility of higher education. There is growing support for measures aimed at addressing student loan debt, such as loan forgiveness programs, income-based repayment plans, and efforts to lower interest rates. Many individuals believe that these initiatives can provide relief to borrowers and alleviate the financial stress associated with student loans.

1. As of 2021, the total student loan debt in the United States exceeds $1.7 trillion, making it the second-largest consumer debt category after mortgages. 2. Approximately 45 million Americans carry student loan debt, with an average debt per borrower of around $38,000. 3. The average monthly student loan payment for borrowers aged 20 to 30 is $393, which can significantly impact their financial stability and ability to save or invest. 4. Student loan debt is not only prevalent among recent graduates. Around 14% of borrowers are over the age of 50, often carrying debt from their own education or supporting their children's education. 5. Student loan default rates remain a concern. As of 2021, the federal student loan default rate was around 9%, indicating the financial challenges faced by some borrowers. 6. High levels of student loan debt can hinder homeownership rates. Studies suggest that the burden of student loans can delay or deter individuals from purchasing homes, impacting the housing market. 7. Certain professions, such as doctors and lawyers, often accumulate substantial student loan debt due to the extended education required for their careers.

The topic of student loan debt is of paramount importance as it addresses a pressing financial and societal issue that affects millions of individuals in the United States. Writing an essay on student loan debt allows us to delve into the multifaceted consequences it poses on borrowers and the broader economy. The staggering amount of outstanding debt, coupled with rising tuition costs, presents a significant barrier to accessing higher education and achieving economic mobility. Furthermore, the burden of student loan debt impacts borrowers' financial well-being, hindering their ability to save, invest, and contribute to the economy. Exploring the public's opinion, representation in media, and potential policy solutions can provide valuable insights into the urgency of addressing this crisis. By discussing student loan debt, we foster a deeper understanding of the challenges faced by borrowers and encourage dialogues that may lead to effective measures for easing this financial strain and supporting the pursuit of education.

1. Akers, B., & Chingos, M. M. (2014). Is a student loan crisis on the horizon? The Brookings Institution. https://www.brookings.edu/research/is-a-student-loan-crisis-on-the-horizon/ 2. Baum, S., & O'Malley, M. (2003). College on credit: How borrowers perceive their education debt. The College Board. https://files.eric.ed.gov/fulltext/ED494509.pdf 3. Dynarski, S. M. (2014). Building the stock of college-educated labor. Journal of Labor Economics, 32(1), 1-26. https://doi.org/10.1086/674012 4. Houle, J. N. (2014). Disparities in debt: Parents' socioeconomic resources and young adult student loan debt. Sociology of Education, 87(1), 53-69. https://doi.org/10.1177/0038040713514014 5. Jackson, K. M. (2018). The impact of student loan debt on job satisfaction outcomes. Journal of Student Financial Aid, 48(1), 29-52. https://doi.org/10.4148/2572-456X.1018 6. Litten, L. H., & Ackerman, D. B. (2019). A comprehensive approach to student loan debt counseling. Journal of Financial Counseling and Planning, 30(1), 43-57. https://doi.org/10.1891/1052-3073.30.1.43 7. Looney, A., & Yannelis, C. (2015). A crisis in student loans? How changes in the characteristics of borrowers and in the institutions they attended contributed to rising loan defaults. Brookings Papers on Economic Activity, 2015(1), 1-89. https://doi.org/10.1353/eca.2015.0001 8. Lusardi, A., Schneider, D. J., & Tufano, P. (2011). Financially fragile households: Evidence and implications. Brookings Papers on Economic Activity, 2011(2), 83-134. https://doi.org/10.1353/eca.2011.0016 9. Scott-Clayton, J. (2019). The looming student loan default crisis is worse than we thought. Brookings Institution. https://www.brookings.edu/research/the-looming-student-loan-default-crisis-is-worse-than-we-thought/ 10. Zafar, B. (2013). Borrowing constraints and the returns to schooling. Annual Review of Economics, 5(1), 347-365. https://doi.org/10.1146/annurev-economics-072412-133425

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Students Loans: Advantages and Disadvantages Essay

Loan is money or property that a person borrows from a financial institution and repays it at a later date. It has interest which is compounded on an agreed period of time. Student loans are similar to this. It is the money borrowed by students to finance their education and pay bills while studying. This is repaid either upon completing studies or at an interval enshrined in the loan’s terms and conditions.

There are advantages and disadvantages of students’ loan. One is that it enables the student to settle the bills and pay school fees. The other is that it finances student’s education which is a future investment. Gaining knowledge inclines the student to good job and pay in the future. Some students come from humble background and therefore financial aid comes in handy. Since students have fewer responsibilities as compared to old adults, a loan is ideal because they are unable to fend for themselves.

There are also shortcomings of students’ loan. One is that the students get more indebted to the extent that their studies are interrupted. With high interest rates, the amount to repay is huge. This becomes more difficult especially when the loan is paid in short installments. Loans with longer installment periods have high interest rates. The other problem associated with student loan is that young adults end up delaying marriages or family formation because they want to avoid financial responsibility. This happens since much attention is turned to clearance of debts. A huge debt limits the life of a student. This is because other forms of loan cannot be secured easily elsewhere before student’s loan is settled. It is easy for financial institution to trace students’ loan repayment details.

However, students have several strategies at their disposal to repay loan and live without debts. Some students have resorted to looking for part time jobs. This makes it easier to settle the bills and pay school fees. It also saves the student the need to incur debts due to borrowing. Another strategy is cutting down expenditures. When a student lives within his or her means, unnecessary debts are dispensed. Students can also form marriages at a later period to ensure that they settle their debts first.

The amount of loans taken by students is reported to have decreased nowadays. Many students are resorting to alternative means of obtaining money such as part time jobs. Lending terms and conditions have also become tighter and so students are shunning away from borrowing. This is healthy for the students but it has negative implication on the country’s economy. When students borrow less money purchasing power declines. Low purchasing power leads to less consumption as less purchase is made. When country’s consumption declines the economics growth follows suit. This is because economic growth is a function of consumption.

Therefore, a student planning to pursue a bachelor major in a costly university like Kent State University should consider the points for and against loan as I have outlined above. The ideal step is to be aware of the huge impending debt and getting ready to look for alternative sources of money. This includes a part time job and cutting down one’s expenditure. The debt to be incurred should be within the amount earned from the job or any other periodical source of money. The decision should also factor in the amount of income one anticipates to earn in future.

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