Prepare Script for video podcast (need in 5 hours)
Annotated Bibliography
What can be done to handle the student loan debt situation more effectively?
Akers, B. (2013). The Next Steps: Building a Reimagined System of Student Aid. Brown Center for Education Policy at Brookings. Retrieved from: https://www.brookings.edu/wp-content/uploads/2016/06/The-Next-Steps_Beth-Akers.pdf
According to Akers, higher education cost is quite unaffordable for most of the students. The quality of student aid is also low. This results in students taking more and more loans. This article suggests several ways in which we can handle the student loan debts by first coming up with a bill which will help to increase the requirements for a person to receive the higher education loan, which will discourage irregular applications for student loans, which is misused in most of the circumstances. He also suggests an increase in student grants and also increasing the amount of student financial aid. This will help the students to receive more money from donations and the financial aid instead of having to take the loans which they will need to pay in the future, after their education.
Akers, B., & Chingos, M. M. (2018). Game of loans: The rhetoric and reality of student debt (Vol. 101). Princeton University Press. Retrieved from: https://books.google.co.ke/books?hl=en&lr=&id=o3OYDwAAQBAJ&oi=fnd&pg=PP7&dq=We%E2%80%99re+thinking+about+the+student+debt+crisis+all+wrong&ots=vDX2oIDYcL&sig=xdbiQpnw6pCHSJfGHYTNfW7Uz08&redir_esc=y#v=onepage&q&f=false
In this article, Akers presents a different aspect of student loans, which is also a critical point in finding a way of dealing with student loans. Some of the students take loans to finance their education, but instead of paying for their fees, they misuse the money in other aspects of their college life. Others use some portion of the money to pay the fee and utilize the rest of the money in different dimensions. Akers thus suggests the use of better mechanisms to mitigate the misuse of student loans. This will either direct the funds taken for loans to finance higher education directly to the college accounts or follow up on the way the students use the loans that they take in the interest of financing their higher education.
Cunningham, A. F., & Santiago, D. A. (2008). Student aversion to borrowing: Who borrows and who doesn't. Institute for Higher Education Policy. Retrieved from: https://eric.ed.gov/?id=ED503684
This article by Cunningham presents the issues that have resulted in increased student loan debts. The article cites the increased cost of college education and how it has led to increased borrowing of money by the students to finance it as well as low student aid. The article also suggests ways by which the student loan debt can be reduced in subsequent years by increasing the financial literacy of these students before they take the loans as most of them do not have relevant skills concerning loans. The government is also given the suggestion of using wisdom to prohibit students who need to borrow money from doing so and provide alternatives like financial aid for students.
Douglas-Gabriel, D. (2019). Student debt is hitting African Americans the hardest. These experts have a plan to fix it. The Washington Post. Retrieved from: https://www.washingtonpost.com/local/education/student-debt-is-hitting-african-americans-the-hardest-these-experts-have-a-plan-to-fix-it/2019/09/20/5f786e48-d0fb-11e9-b29b-a528dc82154a_story.html
According to this interview by The Washington Post, it is essential to remove the following conditions, which make loans very desirable to students and for survival generally. It also suggests other possible ways of reducing this loan debt in the future by creating better jobs for the citizens, which will increase their income hence, enabling them to pay for their children's education. The government can also increase the minimum wage to a living wage. It also suggests the provision of universal healthcare and other requirements increase the banking rate of the parents and students. They also need to have policies that will regulate the usage and application of loans.
Elliott, W., & Lewis, M. (2014). The Student Loan Problem in America: It Is Not Enough to Say, "Students Will Eventually Recover. Assets and Education Initiative (AEDI). Lawrence: University of Kansas School of Social Welfare. Retrieved from: https://www.researchgate.net/publication/265702183_THE_STUDENT_LOAN_PROBLEM_IN_AMERICA_IT_IS_NOT_ENOUGH_TO_SAY_STUDENTS_WILL_EVENTUALLY_RECOVER
According to Elliott, the student loan program should be made to supplement the education of students and not to fund the education fully. The article thus, suggests that the government should come up with laws that will reduce the number of loans that are given to the students. The article, therefore, indicates the use of alternatives to fund education systems, reduction of the cost of a college education. The students should also be made to be educated consumers and not just study for leisure as some of them do. Debt management should also be taken into consideration in the recovery of student loans. The applicants of loans should be educated before being given the loan to utilize it well.
Hershbein, B., & Hollenbeck, K. M. (Eds.). (2015). Student loans and the dynamics of debt. WE Upjohn Institute. Retrieved from: https://books.google.co.ke/books?hl=en&lr=&id=s8i0BgAAQBAJ&oi=fnd&pg=PR3&dq=What+can+be+done+to+handle+the+student+loan+debt+situation+more+effectively&ots=bXDm4olxrE&sig=tuAbvvh5isd5q7WZw4sZkpjQi1Q&redir_esc=y#v=onepage&q=What%20can%20be%20done%20to%20handle%20the%20student%20loan%20debt%20situation%20more%20effectively&f=false
According to Hershbein in this book, dealing with student loans will involve the reduction of the cost of college education, which is the main issue in student loans. Focusing on the central themes is thus the best thing to do. Also, the amount of loans that are offered to students in the United States is high; the government can, therefore, consider reducing the amounts as an alternative to reducing the accumulation of these loans. Hershbein also suggests the use of tougher measures in the application process, which could discourage applicants who are able to cater for their fees or have alternatives to use them instead of applying for education loans to reduce the amounts.
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
According to Johnson, student loans are in a crisis. The loan has escalated to about $1.6 Trillion. This amount is quite alarming. As per this article, this has been caused by a crisis in the economy. The article suggests the allocation of more funds by the government for education aid, which needy students will be able to apply for other than applying for loans. The loans will thus act as a supplement to the aid. The government needs to look for a way of increasing the job values to better the income of the lower class of people, hence, granting them an opportunity to finance their education. The cost of a college education also needs to be reviewed, according to Johnson, to reduce the amount used in it.
Klein, D. (2019). We’re thinking about the student debt crisis all wrong. Quartz. Retrieved from: https://qz.com/1707593/were-thinking-about-the-student-debt-crisis-all-wrong/
In this article, Klein presents a call to the government to completely call off the student loans, which are existing and which have not been paid and enforce new measures of controlling student loans. He advocates for better borrower protections. According to him, the debt has risen as a result of an increase in the cost of education, which as increased by about 213 percent in the last twenty to thirty years, making it unaffordable for most of the students in America. Currently, private colleges charge about $50,000 for tuition. He makes his conclusion that if there was no increase in education cost in the United States, then the student loan debt could not escalate to the current levels.
Shadovitz , D. (2018). What You Can Do About the Student-Loan Burden. Employers are desperately searching for answers, too. Human Resource Executive. Retrieved from: https://hrexecutive.com/what-you-can-do-to-address-the-student-loan-burden/
This article presents student loan debts as a pervasive problem that affects both the students as well as employers. According to Rob Levy, the vice president of financial health at the center for financial services innovation in Chicago, who was being interviewed in the article, unmanageable debt prevents borrowers from saving for their retirement or even seeking medical care. He thus suggests that the government should limit the loan amount given to the students to ensure that they can save and live a better life once they graduate from the colleges without only focusing on paying their loans. The organizations should also find a better way to help the beneficiaries live a substantial life.
U.S Department of Education. https://www.ed.gov/
This is the official website for the United States of America, department of education. This website gives information concerning the opportunities in the United States, which are related to education, including the availability of aids which students can apply for, the links through which different services in the education sector can be retrieved, and the status of loans by different students. The website also gives information about grants awarded in the department of education. The website also contains statistics about student loan debts as well as information about how the government plans to recover this debt and all the measures that the government puts in place concerning these debts.