Brett Young
College Composition and Research
Summary Essay
January 26, 2016
Lifetime of Student Debt? Not Likely
In discussions of Student Loans, one controversial issue has been whether or not they are worth the investment. On the one hand, many college graduates argue that student loans are a scam and they do not pay off. On the other hand, Robin Wilson contends this in her article “A Lifetime of Student Debt? Not Likely.” Throughout the article, Wilson makes clear that student loans are great, but many people make mistakes when dealing with these loans and this causes the loans to turn out not-so-great.
Wilson begins her article by explaining some of these not-so-great examples and noting how many people view these student loans as a crisis, but she then begins to prove this misconception wrong. Her argument that student loans are not at a crisis level is supported by new research showing that, “About a third of graduates leave college with no debt at all for their education. Of the 65 percent who face debt, the average they owe is around $20,000.That's just below the starting price of a 2009 Ford Escape.” (257) This proves that student loans are not a crisis and that many people have skewed perceptions of the loans. She also backs this up with a quote from Anthony P. Carnevale, the director of Georgetown's University Center on Education and the Workforce; he says, "From an economist's point of view, debt is the very best way to pay for education because you're shifting the cost forward until you'll be earning more money. You borrow cheap money. It's really a very good bargain.” (260) Wilson’s writing makes it clear that student loans are a smart choice, but she mentions that some people make mistakes that result in a disastrous amount of debt.
The mistake that these students are making is described as “over-borrowing.” (265) Wilson states that, “More often, the problem among students who go heavily into debt is that they are determined to attend their dream college, no matter the cost.” (265) She is portraying that people often do not calculate what they will be earning after college to pay back these loans. She also adds a quote from Mark Kantrowitz, publisher of FinAid, a Website about student aid saying, . "They want to be able to pay for the school they have wanted to go to for as long as they can remember, and they are willing to do whatever it takes.” (258) This also gives us an idea of what Mr. Kantrowitz sees in many students seeking financial aid.
Wilson continues with more information supporting the overborrowing trend. She mentioned that, “New York University — where student borrowers graduated with an average of $33,637 in debt in 2007 — has begun contacting high-school seniors it has admitted to make sure they understand the debt load they could incur if they enroll.” (265) This is another example students underestimating their future debts. She uses comments by Allesandra Lanza, a spokeswoman for American Student Assistance, explaining how college is not only education, but the socially life changing experience that makes it difficult to make a financially wise decision (265). This gives insight into why some people are making the wrong financial decision.
It has become common today to dismiss the reputation of student loans. However, Wilson has made a strong point that these disastrous loans are actually fairly uncommon and only due to a lack of means. Wilson concludes her article with a quote from Robert A. Sevier, senior vice president at Stamats Inc. He said, "In spite of all the hysterical extremes, there are a lot of people in the middle who are making things work. They are graduating from college with $20,000 in debt, they are going to graduate school, getting jobs, and buying homes within their means.” (266) This is harmonious with the rest of Wilson’s article and the main idea that student loans in America are financially wise and that extreme cases are due to a lack of judgement.
Works Cited
Robin Wilson. "A Lifetime of Student Debt? Not Likely." They Say I Say With Readings. By Gerald Graff and Cathy Birkenstein. Ed. Russel Durst. 2E ed. New York: W.W. Norton & Company, 2012. 179-189. Print
College Composition and Research
Summary Essay
January 26, 2016
Lifetime of Student Debt? Not Likely
In discussions of Student Loans, one controversial issue has been whether or not they are worth the investment. On the one hand, many college graduates argue that student loans are a scam and they do not pay off. On the other hand, Robin Wilson contends this in her article “A Lifetime of Student Debt? Not Likely.” Throughout the article, Wilson makes clear that student loans are great, but many people make mistakes when dealing with these loans and this causes the loans to turn out not-so-great.
Wilson begins her article by explaining some of these not-so-great examples and noting how many people view these student loans as a crisis, but she then begins to prove this misconception wrong. Her argument that student loans are not at a crisis level is supported by new research showing that, “About a third of graduates leave college with no debt at all for their education. Of the 65 percent who face debt, the average they owe is around $20,000.That's just below the starting price of a 2009 Ford Escape.” (257) This proves that student loans are not a crisis and that many people have skewed perceptions of the loans. She also backs this up with a quote from Anthony P. Carnevale, the director of Georgetown's University Center on Education and the Workforce; he says, "From an economist's point of view, debt is the very best way to pay for education because you're shifting the cost forward until you'll be earning more money. You borrow cheap money. It's really a very good bargain.” (260) Wilson’s writing makes it clear that student loans are a smart choice, but she mentions that some people make mistakes that result in a disastrous amount of debt.
The mistake that these students are making is described as “over-borrowing.” (265) Wilson states that, “More often, the problem among students who go heavily into debt is that they are determined to attend their dream college, no matter the cost.” (265) She is portraying that people often do not calculate what they will be earning after college to pay back these loans. She also adds a quote from Mark Kantrowitz, publisher of FinAid, a Website about student aid saying, . "They want to be able to pay for the school they have wanted to go to for as long as they can remember, and they are willing to do whatever it takes.” (258) This also gives us an idea of what Mr. Kantrowitz sees in many students seeking financial aid.
Wilson continues with more information supporting the overborrowing trend. She mentioned that, “New York University — where student borrowers graduated with an average of $33,637 in debt in 2007 — has begun contacting high-school seniors it has admitted to make sure they understand the debt load they could incur if they enroll.” (265) This is another example students underestimating their future debts. She uses comments by Allesandra Lanza, a spokeswoman for American Student Assistance, explaining how college is not only education, but the socially life changing experience that makes it difficult to make a financially wise decision (265). This gives insight into why some people are making the wrong financial decision.
It has become common today to dismiss the reputation of student loans. However, Wilson has made a strong point that these disastrous loans are actually fairly uncommon and only due to a lack of means. Wilson concludes her article with a quote from Robert A. Sevier, senior vice president at Stamats Inc. He said, "In spite of all the hysterical extremes, there are a lot of people in the middle who are making things work. They are graduating from college with $20,000 in debt, they are going to graduate school, getting jobs, and buying homes within their means.” (266) This is harmonious with the rest of Wilson’s article and the main idea that student loans in America are financially wise and that extreme cases are due to a lack of judgement.
Works Cited
Robin Wilson. "A Lifetime of Student Debt? Not Likely." They Say I Say With Readings. By Gerald Graff and Cathy Birkenstein. Ed. Russel Durst. 2E ed. New York: W.W. Norton & Company, 2012. 179-189. Print