These are the following reasons:
- An increased rate of late and missed payments by borrowers 60 and over
- A high rate of default among borrowers 65 and older (37 percent of federal student loan recipients in that age group are in default, compared to just 17 percent of borrowers 49 and under)
- Older student loan borrowers report they forego basic health care needs more often than those without student loans.
- A growing number of Americans losing part of their Social Security benefits due to unpaid federal student loans. Student loans are one of the few exceptions to rules that protect federal benefits from being garnished.
Discussion Questions:
1. Should minimum wage be raised in order for students to help pay for college?
2. Should college tuitions be lowered so that the maximum amount will not have not have to be taken out for a loan?
3. Should college just be tuition free?
Even if the minimum wage was raised, I don't think that it'd help much with paying off student loans. Plus, raising the minimum wage too much would rid many of their jobs that they need in order to provide for their families. Yes, college tuition needs to be lowered. However, even though it would be so much easier, college shouldn't be tuition free. Going to school is definitely a privilege, so it should be made more affordable for everyone, not necessarily free.
ReplyDeleteI believe in meritocracy: diligent, persevering people should rewarded for their efforts economically. This will motivate other people to work hard, which will benefit society as a whole. And so, I agree with Haley: college tuition shouldn't be free; students should have to work towards higher education.
ReplyDeleteMinimum wage has very little to do with an ability to pay off student loans from both students and the parents or grandparents. It has more to do with type of college one goes to and many other factors. Colleges today, especially the UC and CSU systems, overspend on overpaid and often useless heads of colleges or programs, hiking up the price because they can and know people still will pay because they feel they have no other choice. It, in every sense of the phrase, can be made cheaper, but the state government's and systems feel tuitions should only go higher.
ReplyDeleteI think that college tuition should be proportional to a household income assuming no one's doing any shady tax evasion IRS stuff, this solution would ensure the stability of a graduate when he or she is 50 and paying loans that are not going to want to make them play Sudoku. There's a great quote from this space movie Elon Musk and Bill Gates recommended called Interstellar, and in one of the scenes the science guy tells Mcconaughey that sometimes the world needs farmers in the world. This is analogous to sometimes your the pigeon, sometimes your the statue. The key idea here is that we have to recognize our priorities instead of jumping into the abyss called college and then just winging it such that the pay out in the end isn't going to justify the heft costs that was put in, well for at least 50 years unless you pull a Mark Zuckerberg.
ReplyDeleteNo, because if minimum wage increases more than the tuitions are going to increase also so its not going to really work. I don't think you can even lower college tuitions because they need a certain money to run also, otherwise they'd also closedown. I don't think it should be free but i don't think it should be as expensive as it is now.
ReplyDeleteI believe that if you raise the minimum wage then the cost of college will go along with it. I always believe that college tuition should be lowered because students always need the extra support. College tuition should be free but with every action there will be an equal but opposite. reaction
ReplyDeleteI think that college tuition should be based on family income because if the income is low its harder to pay for tuition so it should be reduced
ReplyDeleteI believe college tuition should not be free, but it should be lowered being if we were to make college free to all, it will hurt the schools money intake. They will not get any money from the students to pay for the schools necessities.
ReplyDeleteCollege tuition should absolutely be lowered. It is extremely unreasonable for universities to claim upwards of $60,000 per year from students seeking an education. The cost of education is not always outweighed by the benefits that the student gets from receiving that education, so they are ultimately hurt financially by going to college.
ReplyDeleteCollege should not be completely free because teachers still need to get paid, but tuition should not be as expensive as it is right now because it takes people forever to pay off and it creates more problems for them.
ReplyDeleteWhile college tuition doesn't necessarily need to be free especially at this point in time, I think it should definitely be lowered enough so that students are not hurt later on by trying to gain an education. Though there are state universities that are less expensive than private universities, it would be more beneficial for students to lessen those costs.
ReplyDeleteCollege tuition has to be lowered in order to avoid this amount of student debt. I find it really interesting that the fastest growing group with student debt is 60+ though. I wonder if it's mostly because of retirement or bad money management or something else.
ReplyDeleteI think that raising the minimum wage would not help the students but I think that college tuition definitely should be lowered in order to avoid the massive amount of student debt that continue to hurt students much later in life
ReplyDeleteI dont think raising minimum wage will help, but i think that the government should simply either help students deal with their debt(grants, interest reduction) or have the colleges just lower costs(which seems extremely hard).
ReplyDeleteRaising minimum wage to counteract high expenses is dangerous because it could lead to heavy inflation. The best way to make college affordable would be to just reduce the cost. The only issue with this is that it would raise taxes to allow the government the budget to make it cheaper.
ReplyDeleteI believe that the only way to help with student loans is to reduce the cost of attending. By doing this, this can immediately decrease the amount of student loan debt. Solely raising the minimum wage can cause other economic problems.
ReplyDeleteI think the best way to help with student debts is by lowering the cost of attending there.
ReplyDeleteI agree that other economic issues will arise from only raising minimum wage, and that student debt issues can be handled in other ways such as decreasing the costs of college in general.
ReplyDeleteI believe that college tuition should be lowered because even though the minimum wage were to be raised it wouldn't really help out due to college tuition being really high.
ReplyDeleteAlthough tuition-free is ideal, there would be even more competition as a result. College apps, I believe, have already given high school students enough stress. It is not necessary to increase it more.
ReplyDeleteI think they still need to make money, but they could definitely lower their tuition.
ReplyDeleteI think that colleges need to be able to make money from tuition, but the prices should be lowered and made more affordable
ReplyDeletethey should definitely lower the tuition but it should not be free.
ReplyDeletethe minimum wage should be raised to help students pay off student loans, and college tuition should be lowered slightly but not to much.
ReplyDeleteI don't think raising the minimum wage would help prior students pay off their loans as fast. However, I do believe tuition should be lowered and colleges should look at merit for who they accept into their schools.
ReplyDeleteI do believe that raising the minimum wage would help students in the future; however, it would help those who are already in debt. If the minimum wage was $12, and the student worked 30 hours a week then in a year that student could have at least $7,000 which could help them pay off their loans quicker. However, if college tuition was lower in general, student debt would not be as significant of a problem.
ReplyDeleteThe only problem with raising minimum wage is that then every other price goes up besides college. Therefore just spending the same amount of money. It would be incredible if colleges could offer free tuition, it would make our country so much more educated.
ReplyDeleteI don't think raising minimum wage would help people pay for college. I think college tuition would have to be lowered to make it more affordable for people. If college tuition were free, I believe the quality of a college education would go down.
ReplyDeleteRaising the mminimum wage is not the solution and would just lead to more probems becuase the cost of things would also increase, creating a deadly cycle.
ReplyDeleteI think that college tuition needs to be lowered. Raising minimum wage wouldn't really help for that specific situation
ReplyDeleteRaising minimum wage would not be the solution to our problems. It would just be the same as now but only higher cost.
ReplyDeleteCollege tuition should be lowered to the point where it is reasonably affordable.
ReplyDeleteI believe that raising minimum wage will not help, for if the minimum wage is risen so will the prices of things. This will just cancel it out and not make an changes.
ReplyDeletei think college tuition should definitely be reduced and that minimum wage should increase.
ReplyDeleteRising minimum wage is not going to solve anything. People would eventually raise prices on goods and eventually on college tuitions. College tuition should be lowered so that more people get out of debts quicker.
ReplyDeleteRaising minimum wage will likely lead to the raising of tuition. Therefore, I don't think it will be much help. I believe the ideal life would be for colleges to be tuition free, however, that is very unlikely.
ReplyDeleteI believe that minimum wage should be raised for students to be able to pay for their college. Not every student out there has a parent who will be able to pay for their child's education hence the child has to work. Right not the minimum wage is too low for the student to be able to pay for his college and if the minimum wage is raised it may be easier for the student to pay for their college education. I also believe that the college tuition should be lowered because the tuition is way to high for an average student to pay for which means that the tuition should be lowered to make it even easier for the student to pay for it.
ReplyDeleteI do not think that minimum wage or eradicating tuition is the answer at all. Rather, it should be the responsibility of that government to ensure that every citizen has the right access to college. Education shouldn't have a cost, but seeing that college is a very important part of anyone's life, it should cost something but it should not place people into such difficult situations.
ReplyDeleteI don't think that raising minimum wage would resolve this problem. With the raising of minimum wage comes the raising of other things, including the possible raise of college tuition. I think a better solution would be to lower a person's college tuition to make it more affordable for families everywhere, and it would give the students the opportunity to receive a college education.
ReplyDeleteideally, tuition would be free, but that's a really far to reach goal right now. I do think that we should at least work to lower college tuition to some degree, because these days an education is ridiculously expensive. But I think changing the minimum wage wouldn't be able to change much because the older people who are helping with the loans are generally retired anyway. Rather we should work on ensuring that schools are using their money in a way that best benefits the students, so that schools can cut extraneous costs and lower their tuition.
ReplyDeleteI agree with Haley: college tuition shouldn't be free; students should have to work towards higher education. I do think that we should at least work to lower college tuition to some degree, because these days an education is ridiculously expensive.
ReplyDeleteI don't think that raising the minimum wage is going to help people pay off their student loans. On the other hand, lowering the amount of college tuition would be more beneficial. Having an education is important in order to have a successful future, so lowering the cost would allow more people to attend. I do believe that college tuition should be free, but that seems to be more of a long term goal rather than something that can quickly be achieved.
ReplyDeleteI also agree with the previous stated comments. We shouldn't work towards making sure college is free, as I feel that is something that is almost too good to be true. We should work towards lowering the cost of college education, or at least make sure that the people who need help paying college tuition actually get the help that they need. Instead of them being stuck with a bill that is impossible for them to pay off.
ReplyDeleteI agree with the comments above as well and college should be lowered down and minimum wages should increase due to helping college be more affordable. There should not be people over 60 still be stuck paying student loans, but there should be a change in tuitions so it is easier for students to pay it.
ReplyDeleteI do not think that increasing the minimum wage would help much with paying off college loans. I think that college tuition should be lowered especially since more people are going to college and more companies are wanting people with a college level education.
ReplyDeleteI don't think that making the minimum wage higher would really help the situation, but lowering the college tuition will really make a difference. Many people will ideally want free tuition, but that does not seem possible at this point, so lowering it will help in the long run and it's a good start.
ReplyDeleteI don't think raising minimum wage will make much of a difference in helping pay off student loans. Tuition free colleges would be more beneficial for college tuitions so they won't leave people in debt.
ReplyDeleteAs ideal as it sounds, free college is difficult to obtain. College tuition should be reasonable, and aid should be given to families who need help paying for higher education. The raise of minimum wage wouldn't make much of a difference because they're not making much money either way with a minimum wage job. Hopefully a reasonable lowering of college tuition happens soon because it would benefit a lot of people.
ReplyDeleteRaising the national minimum wage will only take out small businesses and impower large companies and industries, So, it will not be beneficial to the population. Yes, free college sounds amazing but it really causes the people to pay more taxes and most of them which are unnecessary.
ReplyDeletetuition rates should be lowered so everybody can afford getting a degree to have a decent job, or at least give the students enough time to pay off their loans .
ReplyDeletetuition rates should be lowered so everybody can afford getting a degree to have a decent job, or at least give the students enough time to pay off their loans .
ReplyDeletetuition rates should be lowered so everybody can afford getting a degree to have a decent job, or at least give the students enough time to pay off their loans .
ReplyDeleteI don't think that minimum wage has anything to do with student loan debt. I think that tuition rates should just be lowered. I feel like there isn't really any reason for a school to cost close to 60,000 grand per semester when you can go to a community college and get a similar education. I don't think that it is possible for college tuition to just be free because the schools need to pay their teachers and keep their facilities updated somehow.
ReplyDeleteI think a job plays a big part in student loan debt but i don't think that minimum wage does, its just a matter of having a job in general. I also think it would be very hard for colleges to make tuition free because they have many expenses and also have to keep the classrooms and education programs up to date.
ReplyDeleteI think in the end of the day, College is going to require money but I think it should be a practical amount.
ReplyDeleteI believe that if their is no decrease into college tuitions then yes minimum wage should be raised because tuition now is ridiculously high in my opinion, so they need support to be able to pay that off
ReplyDeleteI don't think that college tuition should be free but I think the cost has raised more than it should have considering the rate of minimum wage isn't raising at the same rate to balance out the outrageous costs of college.
ReplyDeleteI dont think increasing minimum wage would make a huge difference in paying for college tuition but better yet base college tuition on income
ReplyDeleteI think by raising minimum wage is not going to make a whole lot of difference because at this moment tuition is at it's highest price and people just can't find the time to pay it all, so that's why college tuition should be lowered.
ReplyDelete