Essay Sample on The Forgiveness of Student Loans

Due to student loan debts, many young people suffer from having to borrow so much money. Although student loans can help you pay for college and help you achieve your goals in life, they can also cause you so many tragedies such as having to owe over 30,000 dollars in debt. Many people have asked this question more than once: why can't all student loans be forgiven? For the longest time now, student loan forgiveness has been a topic of debate, and until this point, many people believe that it should have been approved earlier. Many people may not know that the Biden administration department was one of those who chose to expand the student loan forgiveness program as well as giving people who worked in shut-down businesses a second chance to be able to be forgiven for their debts. According to the article " The Biden administration temporarily expands the student loans forgiveness program for public servants ", officials of the Biden administration tried to help people to get forgiveness for their debts during the crisis. He says that "borrowers who devote a decade of their lives to public service should be able to rely on Public Service Loan Forgiveness." and she argues that people who have served their country and have protected us should be eligible for forgiveness.  The article was written by Danielle Douglas, and published on October 6th, 2021. The publisher of this book used a combination of logos and ethos to convey an effective argument and explained the benefits of having the program.

In the article “ Biden administration temporarily expands student loans forgiveness program for public servants” Danielle discusses how people who have worked for the government should be eligible for relief. Although many people believe that everyone should be eligible for forgiveness, it seems that only those who have made 120 on-time monthly payments for 10 years will be able to obtain forgiveness. There may be a requirement for eligibility, but it does not mean you cannot apply. It simply decreases your chance of being approved.  Danielle wrote this article primarily to inform people that although they are going through a rough time due to their loans debt, they still have the opportunity to be forgiven for what they owe. Additionally, she discussed this topic mainly to inform people as well that there are many businesses where they can go to gain eligibility since getting a job can be an easy way to earn an opportunity of forgiveness.

Danielle Douglas' article demonstrates how all she was trying to prove was that forgiveness should be fair for everyone and also shows the way she effectively uses ethos in her argument. The purpose of the article was to get student debts forgiven through public service first. Douglas mentions this during the article when she says “ There are about 1.3 million people pursuing Public Service Loan Forgiveness, a program that cancels federal student debt after 10 years of on-time payments for people who take public-sector jobs. But just 1 in 5 of those borrowers are on track to secure relief by 2026”(Douglas). The result was that several people realized they had a very low chance of being selected for student loan forgiveness after Douglas told us there were so many people waiting. In response to her data about the number of people who were getting approved, many people chose not to go down that route since the probability was 1 out of 5. The rules Congress created are complex. And missteps can be devastating for people who plan their lives and careers around the promise of tax-free loan forgiveness. Tens of thousands of borrowers have applied for forgiveness, but barely 8,500 have been successful,  according to the latest available data from the Education Department. The agency has said many people simply have not made enough qualifying payments”. To be approved for the program, loan forgiveness applicants must meet the qualifications, such as having a good record of loan payments. Once the loan department has seen that you have a good payment history, it can make your chances of getting approved higher than the rest. This is the same reason why 8,500 people have had success during the loan process. In summary, these arguments prove that the process is beneficial for borrowers. Douglas also explained to her audience how easy it can be to get approval, along with a few examples of what you need to be able to qualify for the student loan forgiveness program which made this program have an effective argument.

Throughout her articles, Douglas was able to provide us with a wealth of information regarding people who qualify for the forgiveness program. You could see in her article how she applied good logic and reasoning. In addition to ensuring that her audience was informed of the situation throughout the program, she eventually said, “The organization says the 20 percent success rate is an indictment of the program and those charged with managing it, as so few people will be positioned for relief nearly two decades after its inception. What’s more, rates of success could be even lower, given that the numbers capture only borrowers who’ve informed the Education Department of their intent to seek forgiveness, which is not necessary”(Douglas). All she is trying to demonstrate is that the success rate with applications is not awful and perhaps even with only 20 percent, they could still be forgiven. Therefore with the details that Douglas has shown young people were able to understand that not everything is lost when doing their application. Although many public servants are worried about not being approved there was a phrase Douglas used which was “many people awaiting forgiveness have been faithfully paying their debt for more than a decade but are being held back by technicalities. Many have loans originated by private lenders through the now-defunct Federal Family Education Loan Program, according to the Education Department. While those loans can be consolidated into the Direct Loan program, only payments made after the consolidation would qualify for forgiveness.” This quote was meant to encourage people to believe in their applications and keep paying back their student loans. In addition, she was trying to prove that the more you pay your debt, the better chance you have of successfully repaying it since it was stated in the first graph, there are certain qualifications you need to meet. Overall, the main point was to show people that although the percentage of the people that were accepted into the program was quite low, you still have to have faith to get accepted into the program and be able to get rid of a lot of your worries.

As a result of the forgiveness program, many people started investigating the benefits of entering the program. What they weren't aware of was just how many benefits they would receive if they were accepted. Something Douglas explained was that “Cancelling student debt could also mean current monthly payments could go toward savings or another spending. Per the Federal Reserve report, those who make payments usually pay about $200 to $299 per month”(Douglas).  Several of the benefits of doing this were that the economy could be boosted with the increase in goods, services, and taxes for them. Additionally, they would eventually pay less than what a lot of people paid during this issue. Therefore, when people started to notice that this could boost the economy they focused on finding a house but what they did not realize is that “ the benefits to lower-income households would come almost entirely in the $10,000 reduction in their loan principal, which will reduce their future loan burden but would have a much smaller effect on their monthly cash flows. As all the principles derive from their reduction, they could eventually have an effect in some way. Furthermore, the people who benefited from this were able to get a better home to live in after having relief from their mortgage payments. To summarize, the purpose of the student forgiveness program was to give people an insight into the benefits of being debt-free after all.  

In conclusion: Danielle's articles were intended for her audience to know the reason why the student loan forgiveness program has been a success, even though too many people getting into the program was difficult because there are certain requirements you need to meet. Moreover, she was able to demonstrate why this article was effective by pointing out the reasons why people were having difficulty getting their student loans forgiven.