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Student Loans Are not an Option!

 

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Student Loans: A Drag On The Economy

Student loans are available in many countries all over the world. Some people find them useful in obtaining their education. However, paying them back proves a pain. Some students end up defaulting. Unfortunately when default occurs, somebody has to pick up the tab. That can mean it is you or me. Yes, you get taxed your income and some of it serves as replacement revenue of the defaulted loans. The amount seems miniscule at first, but at the end it adds up. What can be done about this scenario?

It is time we addressed this anomaly. While they help to some extent, there is a huge downside to it. Student loans deal any economy a huge impact. I am surprised economists are not all over the map talking about this. We have had various devastating economic events all over the world. The impact has been extremely severe and yet one has to open up eyes to see all business segments affected. The stock market, housing market, gold and even silver market over time have had a fair share of turbulent times. Some of these times have been severe to a point where it took some time to recover. While others recovery has been painfully slow.

The lack thereof of the zeal or animated interest of finding curative measures to escalating school loans is astonishing to say the least. Why should we wait for an economic disaster to occur? Why should we address school loans when default rates have sky rocketed and then it is affecting everybody? Are we lacking imagination of dealing with this particular issue? Or it is just that we do not deem it as equally important as other crucial provinces of everyday life? It is mind boggling but a sobering reality of what is currently happening. We ought to craft a strategic plan of dealing with this economic disaster waiting to explode. The issue is not of lacking means and ways of solving the problem. Neither is it a question of lacking the genius of effectively dealing with it. It is more a question of reluctance to delve into it because we are comfortably with the status quo. We have become complacent in trying to solve a problem that could possibly severely hurt our future. Our being embroiled in an economic quagmire would be, to a certain extent, a result of lack of the drive to come up with innovative ways of curbing this problem.

One thing I have appreciated about American education is that its central thrust is on the practical side of life. It focuses on giving you results that help you in life. It does not revolve around many theories you are compelled to memorize textbooks and at the end sit for examinations or tests. In graduate school, during Commercial Bank management, one of the best teachers I have ever had, the late Eugene Swearingen taught us the key in making loans is to ensure you collect. It was a very simple statement but profound. If you do not collect, you have no money coming in. You have no money coming in, you have no cash flow. Ultimately it affects your business. He was right. We have seen a record number of bank failures, business failures and an apparent decline in the economy. American education is one of the best therefore it befits a mantra of taking charge in addressing this issue of school loans. Various modalities of curbing the loans are there to tap into. We cannot continue this path.

The stock market reset itself by crashing. The housing market bubble burst. Greece has had its fair share of debt problems. So did Spain. The fiscal cliff in the USA is being dealt with to avert a colossal disaster. My hope is that school loans would soon be put on agenda globally. We have to address them. They are not going to disappear if not tackled.

One great thing about the human mind is that it is capable of imagination. Out of this imagination result solutions to mankind’s economic problems. School loans should be part of the package as we strive to find an answer to the ever escalating student loan crisis. And we will.

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