Student Loan System For College Students - 1212 Words

Student Loan System Throughout the ages, society has evolved to overcome the challenges it faces from one generation to the next, by learning and advancing further than the previous ones. It has undergone a vast number of changes; however, mankind has never undermined the importance and necessity of a complex and well-educated society. Moreover, it is the duty of each one of us to make sure that the next generation takes a step further than the previous one. With this in mind, society has understood the importance of higher education for the future. Yet, the hesitation we witness today to pursue a degree is due to the high cost of student loans. Truly this is a terrifying thing which cannot be ignored, as it has a direct impact on the†¦show more content†¦In the first place, the interest rates have been rigged to increase dramatically in a very short period of time. The interest on the student loans has increased substantially resulting in huge debts for the outgoing graduat e. These rates have skyrocketed, â€Å"The average student loan debt was $18,550 in 2004; this figure has doubled over the decade and now represents a 56% increase† compared to the previous decade and we are fully aware that paying off such a debt would take a lifetime and is very difficult (End The Debt). This has begun giving graduate students the feeling of a never-ending debt. Due to this, there are a huge number of high-school students who are re-considering a college degree, even though they are fully aware of the necessity of qualification for many jobs. An interesting fact is how the student loan system has made a conscious effort to incorporate international students to finance their full-time MBA degrees. An example of this would be, â€Å"The Simon Business School at the University of Rochester in New York is offering a student loan program, with student loans ranging from $1,000 to the full cost of tuition† this is a very useful benefit to international students (Other News). However, it has become extremely complicated for Muslim students to even access these student loans as â€Å"Muslim students cannot claim a student loan mainly due to their religious belief that prevent them from