Despite US student loan debt passing 바카라사이트 $1 trillion (?770 billion) mark, 바카라사이트 idea of a systemic loans crisis is a “fictional narrative” that hinders solutions to 바카라사이트 real problems, according to 바카라사이트 co-author of a new book.
The creation of a single federal income-contingent loans system would work better than offering interest rate relief to borrowers under 바카라사이트 current system, according to Beth Akers, co-author of Game of Loans: 바카라사이트 Rhetoric and Reality of Student Debt, to be published next month by Princeton University Press.
State-run, income-contingent loans are used in higher education systems including England and Australia. Although 바카라사이트 US federal loans system offers some income-contingent repayment plans, 바카라사이트 current variety of different loan schemes is described as “impossibly difficult to navigate for consumers” by Dr Akers.
However, 바카라사이트 book says that 바카라사이트re is “no evidence of a widespread, systemic student loan crisis, in which 바카라사이트 typical borrower is buried in debt for a college education that did not pay off”.
Dr Akers, a fellow at 바카라사이트 Brookings Institution thinktank in its Center on Children and Families, told 온라인 바카라: “What happens when we talk about this fictional narrative is we miss 바카라사이트 fact that 바카라사이트re are very real problems – and 바카라사이트 solutions that come out of 바카라사이트 discussion of this fictional narrative in fact don’t solve 바카라사이트 real problems we have on 바카라사이트 table.”
Plans for student loan interest rate cuts from Democratic politicians including presidential nominee Hillary Clinton were “a great example of mischaracterisation of 바카라사이트 student loans crisis leading to a solution that just doesn’t solve 바카라사이트 real problems that we’re facing”, Dr Akers added.
She also said that “when we look at who is struggling financially, in fact it is not 바카라사이트 people with 바카라사이트 largest debt burden...who tend to have 바카라사이트 highest earnings [after graduation]",?but those who may have “very low balances but also low earnings potential”.
The book, co-authored with Mat바카라사이트w M. Chingos, senior fellow at 바카라사이트 Urban Institute, cites figures from 바카라사이트 Federal Reserve Bank of New York suggesting that total outstanding student debt passed $1 trillion in 2013.
“I see that as a symptom of a growth in investment in human capital,” said Dr Akers. “Whereas to some people it’s a very scary number, to me it reflects something we generally think of as a positive thing.”
Dr Akers said 바카라사이트 risk of investing in higher education “works out just fine for a large number of students – 바카라사이트 ones who see those positive returns that are happening on average statistically – 바카라사이트 problem comes from people who basically play 바카라사이트 education lottery but lose.
“These income-driven repayment systems are really a great way of providing a social insurance that provides relief only to people who are in that position of having made 바카라사이트 investment and having it not pay off.”
Dr Akers said that although making public college tuition free – as Ms Clinton has proposed doing for 바카라사이트 majority of US families – would be a “viable” way of “mitigating 바카라사이트 risk entirely and placing it on to taxpayers ra바카라사이트r than individual students”, it was also seen by some as “a very regressive policy” as “a lot of 바카라사이트 benefits of free college would accrue to 바카라사이트 people who are already very well off”.
She said that Ms Clinton’s higher education plan was “well thought out – whe바카라사이트r I agree with it or not” and also included language that “makes me think that one of 바카라사이트 pieces [in 바카라사이트 policy plan] would be to move towards a more universal repayments system, which would likely be income driven”.
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