Argument Against: There are a number of reasons that can lead people to believe that student loan debt does not pose a serious threat to the economy. First and foremost, it is presumed that the government has a responsibility to ensure that all citizens have access to education. For this reason, any expense that goes toward meeting the education needs of citizens is not a waste. Obviously, failure to facilitate the education of citizens will deprive the nation of a necessary workforce.
State governments should therefore do everything possible to ensure that residents get an opportunity to study. Secondly, there are other projects besides student loans that are also funded by the government for the benefit of citizens. Student loan debt has also been blamed by different people for introducing students to loans quite early in life. Student loan debt has a major effect on the growth of the U.S. economy. As a result of students taking up loans to pursue their education, they end up starting their first jobs with debt that may take to long to clear.
Argument For: As earlier pointed out, student loan is a big threat to the economy of any nation. Graduates after leaving school are expected to work in order to cater for their needs. However, because of loans taken out to fund their education, graduates spend most of their time during the early days in employment to repay their educational loans. Without a doubt, this affects their progression in life. In addition, this affects the economy in a negative way. Instead of paying for goods and services, the money ends up in the hands of the government. It goes without saying that if graduates spent what they earned for their needs, the economy willgrow and the country will be the greatest beneficiary.
From the discussion presented in this blog, it’s obvious that student loan debt is a major threat to the economy. After graduation, it is now very common for university graduates to start life in debt. For this reason, state governments should come up with easier meansd of reversing the status quo and ensuring that the economy grows continually as expected, The fact that state governments arenow focused on the effect of student loan debts is a clear indication that this is a burden that governments are very ready to deal with in order to advance the economy.
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