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Media reports confirm that the student loan debt has ballooned into a gigantic $870 million – even beating debts on car and credit card! Now that is surprising! And this number is projected to rise exponentially within the next few years.
Therefore, it is reasonable that the Fairness for Struggling Students Act or FSSA has turned out to be the main focus of government agencies, particularly of the education department. The act would enable student loan debts to be stamped out during bankruptcy proceedings. It gained widespread support from the government and education groups seeing it as a potential solution to the economic problem.
Just a couple of days ago, an article written for the Fox News reported that there is a $1.11 trillion “student loans outstanding” and $121 billion of them “are 90-plus days delinquent or in default. And this is on top of the fact that college costs has constantly risen over the past few years while the income of college graduates in industries aside from technology and finance, are tripping over (Verhage, n.p).
I do not particularly understand why student forgiveness acts do help solve the economic problem when there is not much income that can be generated through taxes. The government is simply shelling out billions of money, bailing out students in an unorthodox manner by simply wiping out their student loan debts.
First of all, I go for the argument that education is not really a right but is only a privilege. Nobody can legally claim that he or she is entitled to it. But, if the government stresses on private lenders the inability of a student to pay debts and encourage them to rid student loans is just the same as telling that education is a right after all.
Another thing that I would like to put up is that default on loans, which is currently at $121 billion, and compelling private lenders to forgive students who could not pay their debts are acts of insult and slight to property
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Thank you for considering my opinion article. Respectfully yours, Dear The new round of pink slip distribution to our public school teachers is very alarming. My article discusses my opinion on the long term effect of this job instability not just to the teachers, but to the students, parents and to the whole educational system of our country.
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