Pell grants help to get you tuition and supplies you need to excel in your college courses. Loans are aid to help with college costs that must be pepaid. Loans may be need- based or not need- based. Need based Loans tend to have a lower interest rate. We'll occasionally send you account related and promo emails. More Essay Examples on Loan Rubric. Some loans do not accrue interests until after graduation.
Loans may be in the name of the student or of other family members. The federal Perkins loan is a low interest loan for students who have financial need. There is no loan fee. There is a grace period, and repayment begins either nine months after you graduate, leave school, or when you go below half time status.
Direct loans are also known as the William D. Ford federal direct loan program. FFEL is the federal family education loan program. Each set of loans include the Stafford loans for students. The direct loans goes directly from the federal government to the school, whereas the FFEL funds goes through private lenders. But students cannot receive both kinds of loans for the same enrollment period. Subsidized loans are based on financial need and have a built in grace period before repayment during which interest is not charged.
It is payable and the time for repaying loan is after the student has graduated. This system of the loan to students is based upon the assumption that students are guaranteed jobs after the studies and thus will repay back the loan.
This scheme was introduced by the government in with the aim of increasing the number of students in college. The student loans have been denounced as risky and at the same time celebrated as helping advance the lives of college students.
The student loans attract more benefits to the students and camouflage the few disadvantages. The final paper will discuss the relationship of benefits of the student loans to a student and negativity of it to a graduate repaying back and deduce whether to encourage students continue taking the student loan or not. The paper will start with an introduction which will cover a brief overview of student loan development history. This overview will explain changes that have taken place on the loan and how it was perceived by students.
The historical development will cover the following stages. This will be the main part of the paper and it will explain why student loan is important to the students in argumentative nature. The areas to base arguments will be:.
This is the second section of the main body of the paper. This part explains the impacts of the student debt on the former beneficiaries of the scheme. This section will discuss a summary of the relationship between benefits of the student loans and impacts of its debt to the life of graduates and conclude on whether to encourage more students to take up loan or not.
Student loan has been in existence since , the time of President Dwight Eisenhower who established the first student loan program through National Defense Education Act. His idea of having the student loan was to increase the number of the science students in America. Should the student take the loan to meet college fees? Should one consider the difficulties of paying the loan later? Are the pros and cons important for consideration in making decision whether to take the loan?
All these questions have been asked concerning the value of student loan to student life in and out of campus. The structure of the student loan has been designed in favor of the student. In looking back into the historical development of the student loan, the federal government was the only lender of the loan.
The student loan was fully supported in through the introduction of Great Society presidential initiative and the enactment of the Higher Education Act that further expanded the loans to the needy and bright students.
This feature of the loan ensured that all youths are given equal access to the higher education irrespective of the social class that one comes from Gladieux 6. In view of this stand, the students from poor background who took the loan benefitted from going through the college, gained skills and graduated just like students from well off families.
This therefore affirms that student loan assisted in meeting the social economic equalization policies by laying a leveled academic playfield for all social classes. The issue of the private agencies getting into the business of lending student loan almost killed the morale of students and society in taking this loan.
The interest of the loan was high for the private financial institution as they viewed this in business terms and thus were interested in making profit. This was too expensive for students. This time of student loan evolution saw decline in the number of the borrowers of the loan.
I view this as a learning experience for the government to note that student loan should be made available to students as it advances the lives of college students. As it is noted, President Bill Clinton moved back the loans to be given directly to the students like during the initial times.
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Student Loan Debt. It is a norm and expectation in society today for students to pursue higher education after graduating from high school. College tuition is on the rise, and a lot of students have difficulty paying for their tuitions.
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Student loans are debts that are owed to the government or institution by attending and graduated students of institutions of higher learning. Free Essays from Bartleby | More Affordable Many of the protesters occupying Wall Street and other places say they are upset about the rising price of going.