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Aryana Jimenez

Steven Zani

ENGLISH 1302

18 October 2021

Student Loan Forgiveness

“The rising cost of higher education coupled with the stress of paying student loans are

putting increasing pressure on students”( Hank Johnson). Students loans should not be a problem

after college. Student loans should not be a burden on students after college. Student loan

forgiveness is something that most colleges or the federal government should consider. Student

loans often go up when the person is of a different race or color, which will give a reason for the

loans to be forgiven, and how some circumstances are being affected by student loans for

families.

Student loans should be forgiven for several reasons. Student loans should be forgiven for

those who work with healthcare, teaching, policing and other nonprofit organizations, but the

students should be able to make 120 payments towards the loan. In this article, written by Cory

Turner, “Why Public Service Loan Forgiveness is so Unforgiving”, stated that “Today, the U.S.

Department of Education is, essentially, a trillion-dollar bank, serving more than 40 million

student borrowers. While the government writes these student loans, it simply cannot run the call

centers or handle the paperwork for so many borrowers. It needs help. So it pays companies —

the department has contracts with nine of them — to handle customer service. These services, as

they're known, are glorified record-keepers and debt collectors. But they're also powerful

gatekeepers.” The Department of Education is a big collector of student debt. While they write
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off the loans and send them off, they can not do nothing about them after they have been set off.

Which they should since they are the Department of Education. A teacher from the University of

California, Sarah Krainin, was qualified for student loan forgiveness, since she works for a

non-profit organzation. She was making life choices that were informed, but the least part was

that it was promised. But after she was making payments for six years, she checked in the

Department of Education, and she did not qualify. When she clearly made all the qualifications

of the loan forgiveness. She wanted to consolidate her loans and check to see if she can qualify

for PSLF (public service loan forgiveness), but if she would do that it would set her back to 10

years instead of four years. If the qualifications for the loan was paying it off in six years and

working of a non-profit organization, then her loan should have been forgiven, but it was not.

On the other hand, some people may have difficulties, but colored people have more of a

difficulties on paying off student loans. The Department of Education often add an increase in

the interest rates for colored people. In an article, “The Color of Debt: Racial Disparities in

Anticipated Medical Student Debt in the United States”, written by a number of researchers,

analyzed the affects of student loans and the way it is towards racial disparities. The article talks

about how student debt is when it comes Blacks and Asian students in the medical fields. The

researchers came up with the conclusion that Black medical students had a signigciantly higher

anticipated debt than Asian students. Which leads to why there are less implications for different

enrollment among minority groups in the US medical schools. On the other hand, another article,

“Price of Opportunity: Race, Student Loan Debt, and College Achivement”, written by two

authors, Brandon A. Jackson and John R. Reynolds, wrote about how college loans are bad for

students of opposite color. As the wrote in their article, “However, black students acquire larger
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amounts of student loan debt and face a higher risk of default than white students. This is in part

due to associated racial differences in family socioeconomic status and type of institution

attended.” Showing and proving that Black families get higher debt than whites do. Due to their

living situations.

Many of the times student loans affect how a family lives. Student loans have a great

impact into a persons life. In the article, “Debt Burden after College: The Effect of Student Loan

Debt on Graduates' Employment, Additional Schooling, Family Formation, and Home

Ownership.”, shows a study based of how hard it is to live while paying off student loans. This

study examines the impact of undergrad college loan debt on post-college results such as work,

further education, family structure, property ownership, and personal wealth.The study makes

use of statistics from a national survey of bachelor's degree recipients in 2007–08.Because a

graduate's existing debt is not allocated at arbitrary, researchers evaluate the influence of debt on

article results using an instrumental variable–school average in-state fees across four years

–while avoiding selection bias. In another article, “How Undergraduate Loan Debt Affects

Application and Enrollment in Graduate or First Professional School” written by Catherine M.

Millett, explains how as an undergraduate it could affect the chances of getting into higher

schools like graduate school and professional school. As it is, there are hardly any chances to get

loans from FAFSA for graduate school, better yet students would have to get out loans so they

are able to pay their loans.

In conclusion, student loans should be forgiven so students can have a way of life for

their future, because it is not right for Blacks to have a higher increase in the loans, and because

there is always a reason why they should be forgiven. Student loans are a heavy burden when it
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comes to paying it off, because the Department of Education is always raising up the interest

rates and never allowing the people who should be qualified for forgiveness, are not being

forgiven.
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Work Cited

Turner, Cory. “Why Public Service Loan Forgiveness Is so Unforgiving.” NPR, NPR, 17 Oct.
2018, https://www.npr.org/2018/10/17/653853227/the-student-loan-whistleblower.

Jackson, Brandon A., and John R. Reynolds. “The Price of Opportunity: Race, Student Loan
Debt, and College Achievement.” Wiley Online Library, John Wiley & Sons, Ltd, 8 May 2013,
https://onlinelibrary.wiley.com/doi/full/10.1111/soin.12012

Dugger, Robert A., et al. “The Color of Debt: Racial Disparities in Anticipated Medical Student
Debt in the United States.” PLOS ONE, Public Library of Science,
https://journals.plos.org/plosone/article?id=10.1371%2Fjournal.pone.0074693#s5.

Catherine M. Millett (2003) How Undergraduate Loan Debt Affects Application and Enrollment
in Graduate or First Professional School, The Journal of Higher Education, 74:4, 386-427,
DOI: 10.1080/00221546.2003.11780854

“Debt Burden after College: The Effect of Student Loan Debt on Graduates' Employment,
Additional Schooling, Family Formation, and Home Ownership.” Taylor & Francis,
https://www.tandfonline.com/doi/abs/10.1080/09645292.2018.1541167.

Houle, Jason N. “Disparities in Debt: Parents' Socioeconomic Resources and Young Adult
Student Loan Debt - Jason N. Houle, 2014.” SAGE Journals,
https://journals.sagepub.com/doi/full/10.1177/0038040713512213.

Farrington, Robert. “The Moral Hazard of Student Loan Forgiveness.” Forbes, Forbes Magazine,
15 Dec. 2020,
https://www.forbes.com/sites/robertfarrington/2019/06/25/the-moral-hazard-of-student-loa
n-forgiveness/?sh=2cc25b9d364c

“Undergraduate Student Loan.” Sallie Mae, Sallie Mae,

Ratcliffe, Caroline. “Forever in Your Debt: Who Has Student Loan Debt, and Who's Worried?”
VOCEDplus, the International Tertiary Education and Research Database, Urban Institute,
1 Jan. 1970, https://www.voced.edu.au/content/ngv%3A57156.