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Although the student debt issue has been overshadowed this election cycle by many other issues, it remains a very important issue for college students wondering how they will pay off student loans. Student debt in this country has now exceeded $1 trillion; that's more than the nation’s credit card debt.
Being a volunteer on the campaign trail for much of this year, I have heard several college students ask questions along the lines of, “Who is going to help me pay off my student loans?”
This is the first point that needs to be addressed when discussing this issue. Why are we looking at our presidential candidates and asking who can help pay off these loans? Since when did it become someone else’s responsibility?
I would never want to deny anyone in this country the opportunity of higher education, but we cannot expect the government, or anybody else for that matter, to pay off our own loans. That completely misses the point of a “loan.”
I, myself, have taken out loans for college, and will probably take out more if, and when, I am in graduate school. However, I have never on any occasion asked, “Which candidate can help me pay off my loans?”
You see, my hope is that I can have a job after I’m finally done with schooling. This is one of the top reasons why I am supporting Governor Romney for president.
With that job, I can pay off any loans I have taken out without asking for help from the government and American taxpayers.
Under President Obama, the youth unemployment rate has risen dramatically. Today, the unemployment rate for those under 30 sits at 11.8 percent, much higher than the overall national unemployment rate.
When asked about student debt, Romney is quick to point out these facts, and says he will help create an economic environment where college graduates will be able to find a job. Being able to find a job upon graduation will help students pay off their loans and prevent them from going deeper into debt.
Another idea Romney has put forth is reintroducing private lenders into the federal student loan market. The federal government has been handing out loans with little to no competition, resulting in high interest rates and many defaulted loans, and costing taxpayers billions of dollars.
The Romney campaign argues reintroducing private competition would spur innovation and help prevent college students from borrowing more than they should.
So although I was, at first, irritated by the question of “Who is going to help me pay off my student loans?” I now realize this is the mindset people are living with under Obama’s presidency.
The government hands you a loan that, due to a lack of private lender competition, might not be the best loan for you and you might not be able to pay it back. Then, when you graduate and can’t find a job, it only makes sense the government and the taxpayers take on that burden instead of you, right?
When only half of college graduates have jobs, an entitlement mindset is built to fill in the gaps. Under a Romney presidency, more graduates will be able to find jobs.
Additionally, with private lenders, more loan options will be available so that students will be able to choose the loan that makes the most sense for them. At that point, the only person preventing you from paying off your loans is yourself.
A version of this article appeared in the Nov 2 issue of the Collegiate Times.
Leave a comment 24 Comments Write a letter to the editor
All letters to the editor must include a name, e-mail, daytime phone number and affiliation to Virginia Tech. Affiliation includes: year and major for students; position and department for faculty and staff; current city for alumni and parents.
Mr. Hurt,
Gov. Romney's record is splotchy. He outsourced jobs to India and closed factories to increase profits. The Presidency has limited control over the economy. He can't fix it, despite his promises and good intentions. I trust Gov. Romney to do what he has said he would do: start a trade war with China and a ground war in Iran. No thank-you.
On the other hand, Pres. Obama 1. protected American automobile manufacturing, 2. provided health care to the destitute, and 3. made a tough call that killed public enemy #1. I know what the President will do for this country. He earned my vote this year.
A VT Alumnus
ut prosim
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more like closing factories to prevent losses. If a company loses, so do it's employees. Unfortantely sometimes a company has to lose employees to still make a profit. Making a profit is essential to running a business and being able to hire or retain employees. Demonizing making a profit is ridiculously stupid.
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I agree with most of the points you are making and that there need to be changes on systems for loans.
However, I don't see how private competition will limit the number of loans taken out or if we really want to limit students being able to take out loans. If you limit the number of loans one could take out, wouldn't that limit the number of people who would be able to complete a college education? Some people need those loans to get a college education. With private lenders, there would obviously be more jobs because not as many students will meet the qualifications.
I don't support Obama, but at the same time, I just don't trust Romney, and especially not Ryan.
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It is not correct to state that there is no private competition in the student loan market. Nothing prevents private lenders from offering these loans and they do, in fact. President Obama did eliminate the practice of having private firms handle the federal student loan program. This was because it is more efficient to have the government administer the program directly, removing the middle man and saving the money these firms skimmed off.
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I don't think that Hokie alum "demonized" anything, Mr. Business Major. As an independent, I felt he made a valid and telling point about the differences between the candidates. There is a large difference between "mak[ing] a profit" and throwing American families in a ditch simply to "increase" profits.
I have a hard time believing anything Mr. Romney says. As least Gingrich and Santorum were honest about their offensiveness. Perry and Cain were ignorant but funny. Romney will say anything to win, just like you did demon-boy.
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you're hilarious. calling yourself independent doesn't make it so. you have a hard time believing anything Romney says because you're an extreme liberal who thought that he could write a retort to my comment but deceptively use anonymity to mask his political intentions. You're not fooling anybody about the fact that you're a liberal political operative trolling campus forums and trying to influence opinion days before an election. None of what you said makes since because you're just repeating talking points of the Democratic party narrative that isn't true and based on fact rather an opinion as to how things occured (for example 'throwing American families in a ditch to simply increase profits' is certainly not factual, but very much a subjective statement)
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Romney does not support opportunities. That is a delusion. He supports making wealth by exploiting other people's companies and leaving them bankrupt and their employees without a job or pension. He will only benefit the millionaires and billionaires who have bankrolled his campaign and the taxpayers will pick up the tab for their tax cuts. He will create opportunities for young men and women to die when he declares war on Iran on behalf of Shel Adelson.
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I see what you just did, Anonymous November 3, 2012 @ 12:58 PM.
Everyone sees it. You're voting R not Romney.
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When will Mr. Hurt learn to use numbers to back up his assertions? The 11.9% unemployment rate figure is totally irrelevant without knowing the rate when Obama took office.
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