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Mhia Hernandez John Kubler English 114A 29 October 2013 An End to A Crisis In the article, Silence=Debt: Life Beyond the Education Bubble written by Brian Holmes, he divided the article into five different parts, starting the first part with his experience with student loans and the literal cost effects of doing so. Holmess took out $10,000 for his graduate program at UC Berkley and later states that although paying back his debt was hard and rather annoying, he doesnt regret his decision of borrowing the money. He mention the name, Sallie Mae, and that she was the one he was writing checks to. I never understood which corporation he was actually borrowing money from, which made the article a bit confusing, but long story short, Sallie Mae and her friends were the ones who were calling him, his family, and his friends constantly, before eventually paying off all his debt. Holmes listed some examples as to how these companies constantly hound you on paying off our loans once graduation is over and how much stress it caused him, but he considered himself lucky. He used words like default and how he didnt do so to his loan, which didnt raise his interest that much higher as opposed to others, he went to school when tuition was noticeably cheaper than it is now, and lastly, the company accepted his loan right away, lessening the cost of any technical fees that would have taken place. He also talked about how direct loans started out in the late 1950s after the National Defense Act of 1958 was issued. It was designed for the students wanting to go to college, granted that tuition was much lower, making it easier to pay off.

Hernandez 2 Introducing his next point, he noted that tremendous expansion of the student loan industry in the last two decades would have been impossible without congressional support. I think what he saying is that our increasing debt has only been allowed for so many years because congress has allowed us to drown in it. In our nation we are currently at about $1 trillion dollars in debt, and is ever so increasing rapidly. Holmes suggested that going into college, especially if we are borrowing money, we should mindful of an educational path we are going down to see if it will not only fulfill your dreams, but that you wont waste your time and ultimately regret your decision of borrowing money, or regret going to college as a whole. He ends the article by talking about wise ways to figure out what you want to do in college and where you want to go, and to always think financially and rationally. He also demonstrates the use of taking out loans, only if you use it for beneficial purposes of course. In the article, Student Loan Debt Should Be Treated Like Detroits written by Tim Donavan, he talks about how student loans are the only loans that do not have a forgiveness policy. Although the implications of being in debt are harsh, I would say that I dont mind this type of regulation, because of I feel that people are carefree to say the least when they handle these certain loans. This carefree and ignorant attitude is what drives them to be so distressed after graduation, and its a proven fact throughout all the articles youll ever read pertaining to student loan debt. Donavan then brought up the subject of bankruptcy. Apart from not being able to partake in loan forgiveness by taking out student loans, it is impossible to file for bankruptcy, but in Detroit, it is acceptable. Again, the effects of borrowing money is extremely costly and stressful, but necessary in order for people to understand the value of moneyat least that is what I think. I think that is only fair to file for bankruptcy when in debt, because then student loan companies

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may not be so adamant about getting their money back right away. Donavan ends the article by saying, Until these wildly misplaced priorities are corrected, our mounting student debt crisis will only worsen. I feel that if students are responsible enough to accept and handle the responsibilities of taking out student loans, then the $1 trillion of debt our nation has will decrease. In the article, Oregons Pay It Forward Program: Imagine College with No Tuition, No Loans, No Debt, written by Martha White, she introduces a type of debt that I think is extremely do-able, realistic, and affordable, to say the least. This particular loan is called the Pay it Forward, Pay it Back plan and it allows students take the loan out, no cost at all costs, and when they are done with college, they take out a certain percentage out of your pay check for the next twenty to twenty-five years, depending on how much you borrowed. I think this plan is very reasonable, but could be costly and ineffective if the student is not able to find a job right away. In the last article I read called Ensuring that Student Loans are Affordable, written by Vice President Joe Biden, he basically proposes the type of plan that can be used in order to efficiently and smoothly pay out loans. Obama set out a goal for students of the collegiate level to not be in so much by 2020 to have a career set in a path that is beneficial for our nation, which is stated in the article. In conclusion, debt forgiveness is achievable, but only if one agrees to pay a certain amount from their income for a certain amount of years. I believe that all the articles I read demonstrate strong ethos, logos, and pathos qualities. The first two articles spoke of personal testimonials of dealing with loans and how they suffered, but in the end it was worth-it. And all reasons for allowing forgiveness, not allowing it, and ways to pay off debt all seem to be very logical, reasonable, and should only motivate students more to work hard in college. Although the repercussions of borrowing money is extremely costly, I

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believe that if we educate our ourselves and remain persistent throughout and after college, student loans should begin to decreasenot rapidly, but I really do believe that going to college requires a kind of responsibility, maturity, and accountability to handle the stress of homework and exams, and the ultimately the value of money.