Are Student Loans Exploitative?
Debts are not anything good that one should have, but when they give you value, you take them positively and use them to make your life better. For students, the debate on whether student loans are beneficial or exploitative is still there. Some people feel that these loans are the worst thing that happens to students, while others think that without them, there are a few who wouldn’t afford education. In this article, we will be discussing why student loans are seen as exploitative.
Why are Student Loans Exploitative?
Students are very vulnerable. That being the case, universities and the state should not entice them to take them without a clear explanation of the burden involved. Ages that most students get into universities range from 16-23. At this age, they barely know anything about financial management. Therefore, they may not know what they are getting into when they take credit.
Universities also make students accumulate a lot of credit because of the high tuition fees that they have to pay. If tuition fees were much more affordable, most of them would be able to fund themselves without necessarily taking any kind of loans.
Student loans make young people dependent even when they don’t need credit. It has become a hhttps://sharksavewriters.com/cvfs-brand-story/abit that everyone must get a loan because they feel entitled to it. Students end up taking more credit than they need and use the money without thinking of the burden that awaits them after school.
Sometimes, there is no guarantee of completion of a college education even after taking huge loans. Most people end up not proceeding past the undergraduate level because of the number of loans they have. As much as the credit gets you through undergraduate, you become a slave of the loan after school, and you cannot enjoy life as you should.
Once you get hooked by the student loan, life after school will not be entirely aligned with your interests. You might not be able to buy a home or save for your retirement because you will be busy trying to clear your loan. In cases where students default on the loan, you get low credit worth that will affect you throughout your life.
These loans also keep you from pursuing your interests in terms of career. A student with a loan will take the highest paying job and not the most fulfilling one. Choosing such a position could affect every aspect of your life negatively. Without the student loan, you should be able to decide where you want to work and what kind of lifestyle you want to lead. Credit will deny you all that.
Conclusion
For students who take not a penny more than what they need, financial aid can be a lifesaver. However, the decision whether to take it or not should not be left entirely to the learner. They should be guided on how to take them and approved for those who need it. Failure to that, the financial aid debt will keep piling and affecting learners as well as taxpayers. Remember, do not take financial aid unless you have to.