Grant Lancaster

8/28

https://www.cnbc.com/2018/05/14/how-to-recoup-the-cost-of-college-in-less-than-3-years.html

https://www.ilnews.org/news/statewide/congressman-proposes-tax-breaks-for-businesses-that-help-pay-student/article_eee6af44-9b51-11e8-a8e3-9f7664a7ee1d.html

https://www.imperialvalleynews.com/index.php/news/national-news/14976-operators-of-student-loan-debt-relief-schemes-settle-ftc-charges.html

These three articles all discuss ways that students have attempted or could attempt to pay off their student loans. The first article presents a pragmatic and diligent approach, the second an optimistic suggestion and the final an example of fraudulent companies preying on desperate indebted students. (nice summary)

The first article (specify the article) offers the most realistic solution and, interestingly, seems the most well-researched. It suggests that students plan to attend college and work in a state that boasts a good return on investment for bachelor’s degrees. They list the five top states, emphasizing that students in these states should be able to pay off their loans in about three years. They also helpfully provide some data on other states, including what states have the worst return on investment. For example, why even go to college in Vermont? The main problem with this article’s solution to student debt is that it requires proactive action before the student starts college and assumes the student may move wherever they please for college.

The second article features a suggestion from an Illinois congressman that businesses aid debt-laden students by paying a portion of their debt each year, in the same way some businesses will compensate employees for a portion of tuition. This would be helpful because it allows a solution to debt that has already accumulated instead of making the student kick themselves for not planning ahead. It is a ‘now’ solution. Unfortunately, this is only a suggestion from a congressman who is probably mainly vying for re-election votes. It may take a long time for any program like this to be instituted at any businesses, let alone a large number of them. (And it will require some effort to get through Congress and be enacted into law)

The third article (specify the article) discussed the results of a court case filed against companies defrauding indebted students by promising them debt forgiveness and credit improvement in exchange for fees. It is ironic that the owners of the scam were unable to pay the amount of compensation required of them and are now indebted themselves. It would be interesting to see how many of these scams have been uncovered in recent years. How do students spot scams like this before they pour even more of their money out? If it sounds too good to be true, is it?

Nice writing and analysis. 5 of 5 points