The Pros And Cons Of Student Loans

Student loans are a savior and a demon put together into one by the government. On one side student loans have numerous amounts of pros that shine a golden light on the loans making them look as if they are a savior to humanity. Some of these prospects include the hassle free process it takes to actually get a student loan, the boost of your credit score if you can pay it off in the allotted time, and they open up the opportunity for anyone to go to college. On the other side of the spectrum student loans are horrible plagues on society. The student loans can be bad in the cases of putting the person in extreme debt, ruining their credit if the person cannot pay, and even ruining the person’s mental health. Student loans are bad and good at
Student loans have many qualities that Sinclair Davidson (Senior Affairs at the Institute of Public Affairs) States that “Education is often described as being a ‘public good’. Most people interpret that as meaning that education is good for the public which, indeed, it is. Education is one of the better investments individuals will ever make in their lives” (Davidson 39). When it comes to investing your money, investing your money in a student loan is good. When investing in a loan you are investing in a long term education that could eventually lead to a great job in the career you are looking for. Davidson also states “Highly educated people are less likely to be criminals, less likely to be on welfare, lead healthier lifestyles, and more active in the community” (Davidson 40). By getting that student loan and going to college you are bettering your life so you don’t end up
The Brunner test is where people go to when the loans take over the people’s lives and they can’t make the payments anymore. Most of the people that try for the Brunner test are suicidal or mentally unstable because of their massive debt. The Brunner test in itself is a form of salvation for these people. With the Brunner test, people who became depressed or mentally ill because of the toll the student debts had on them get a chance at hope and forgiveness. The test is split into three parts, “The first prong of the Brunner test considers the debtor's financial condition in order to determine whether repaying the loans would cause the debtor to have less than a minimum standard of living. ^" For this, courts look at the debtor's expenses to see if there is enough extra income to make payments on student loans” (Law and Pyschology Review). By passing the Brunner test your loans can either be forgiven or brought down to a smaller amount easier to pay for your cost of living. The fact that this Brunner test is a form of “salvation” for people in debt by student loans is really sad. The student loan system is greatly flawed. In a system that was supposed to help people get into college and begin their journeys as adults only seemed to stray people from a college education and cause some to spiral out of mental