Student Loans in the U.S.: Can they be Forgiven?
University Student Loan Repayments: an Issue not only Confined to the United States
HARRY CARLEY
Matsuyama University
JALT Business Communication Journal, Vol..1, Issue 1, November 2023, Pages 24-30
https://doi.org/10.37546/JALTSIG.BzCom1.1-5
Abstract
This paper examines the ongoing debate surrounding student loan forgiveness in the United States, addressing not only whether loans should be forgiven, but whether such actions are economically feasible. Tracing the origins of the student loan program back to the 1950s, the study explores the evolution of financial aid, particularly in light of recent policy changes influenced by the COVID-19 pandemic. Comparisons are drawn between the U.S. and other countries with similar student loan systems, such as the United Kingdom, Canada, and Australia, with a focus on repayment structures and interest rates. The paper also delves into the racial disparities in student loan burdens and the mental health consequences for borrowers, emphasizing the broader socio-economic impact on minority communities. Finally, the study advocates for reforms to the U.S. student loan system, suggesting more equitable and sustainable models from other nations as potential solutions to alleviate the heavy debt burden on graduates.