How to Get Rid of Student Loan

The student loan debt has developed into a national crisis. It affects millions of students and families within the United States. Prevailing trends indicate that student debt will continue to rise because of the high cost of tertiary education. Glater (2020) believes that the student loan crisis is a social problem, and as a consequence, must be solved through social policies. The author believes that the incoming government should cancel student debt and fix existing programs. The article by Glater looks at how the student debt crisis can be solved using social policy. 

Summary 

Student debt has become a national crisis. Student debt has been on the rise for years, propelled by the high cost of tertiary education. Op-Ed: The social justice case for canceling college debt , by Glater, argues that social policies should be used to tackle the student debt problem. Over 42 percent of people aged 18 and 29 have someone in their household with a student loan (Student debt viewed as a major problem, 2020). By 2019, student debt in the country stood at approximately 1.6 billion dollars (Johnson, 2019). The problem is likely to become worse because of the huge budget shortfalls because of the Covid-19 pandemic. As a response, institutions of higher learning, like the University of California, appear poised to increase tuition fees. This will mean that learners will have to borrow more to pay the high tuition cost. Student loans present a societal problem that impacts students and their families. Glater (2020) believes that student debt cancelation would enable students to pursue their degrees and become innovative and creative. It would also allow students to increase their spending and strengthen the economy (Glater, 2020). The author believes cancelation programs should complement existing programs, like the Public Service Loan Forgiveness program, to address the student debt crisis. 

Conclusion 

The article explores how the problem of student debt could be addressed via the lens of social policy. Glater believes that student debt cancelation would allow students to complete tertiary education to explore the job market with freedom. He also believes that cancelation will free students to spend more and bolster the economy. The author believes that the government should also fix existing programs to help students burdened by debt. The article demonstrates how social policy can be used to address student loan debt. 

References 

Glater, D., J. (2020, December 20). Op-Ed: The social justice case for canceling college debt. Los Angeles Times. Retrieved from https://www.latimes.com/opinion/story/2020-12-20/college-student-loans-cancellation-forgiveness-equality 

Johnson, M. D. (2019). What will it take to solve the student loan crisis? Harvard Business Review. Retrieved from https://hbr.org/2019/09/what-will-it-take-to-solve-the-student-loan-crisis 

Student debt viewed as major problem: Financial considerations important factor for most millennials when considering whether to pursue college. (2020). Harvard University. Retrieved from https://iop.harvard.edu/student-debt-viewed-major-problem-financial-considerations-important-factor-most-millennials-when