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iCrowdNewswire Oct 22, 2020 11:23 PM ET

Is Student Debt a Human Rights Issue?


iCrowd Newswire - Oct 22, 2020

Human rights are a complicated subject with a lot of different facets to consider. Across the globe, people are still trying to define what should be classified as a right for our species, and how individuals can go about ensuring that they have access to those essentials. One topic that’s beginning to gain more attention recently, is whether student debt is an issue connected with human rights. In the United States alone, there’s over a trillion dollars’ worth of loan repayment money dedicated to the higher education environment. This means that getting an education is the second highest cause of financial lending in the U.S., just after getting a mortgage. This is why nearly half of all college graduates still have money to pay, usually in the region of around $20,000 and $25,000. Unlike in the UK where debt is paid when a person reaches a specific income, and some expenses are wiped away after a certain time, U.S. expenses are much harsher.

What Can People in the U.S. Do?

For the most part, Americans are limited on how they can ensure a good quality of life after getting an education. Even parents continue to struggle after helping their children make their way in the world, with Parent PLUS loans that come with huge repayment demands. Often, the only way to make ends meet is to search for specialists that can refinance Parent PLUS loans and reduce some of the monthly expenses at the same time. For students, there are a handful of new products appearing on the market, such as Individual Voluntary Arrangements where people can consolidate what they owe through working with a practitioner in the insolvency landscape – but this isn’t the right move for everyone.

There are also options that look at income share agreements, but this route rarely appeals to those who are already struggling to make enough cash with a minimum wage income. The lack of options available for those who simply want to get a good education in the U.S. means that there is now a lot of argument among people in the country about how financial commitments should be handled. Singing up for ISAs where you share your wages with a loan company means working for barely enough money to live, and this even prompts some people to refer to the idea as little more than being held hostage.

Will the Current Environment Change?

To achieve amazing things in this world, youngsters need to pursue a higher education and develop the skills that they’ve learned over the years. Yet in the United States, it seems as though the guidelines in place don’t reward people who succeed in education – but punish them with a life of overflowing expenses and bills. Without a change, the future of the country could suffer with fewer people willing to take on extra expenses later in life for just the possibility of a better job. In the meantime, however, most students and their families are left to cope with the limited solutions they have available in consolidation and grant money.






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