The money from repaying the loans goes towards funding the schools
Student loan debt is directly within correlation of the money schools receive for funding. It's common knowledge that the cost of school isn't always something that can be paid in full. Loans exist to make attending possible and while debt isn't fun it not impossible to pay off either.
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Federal loans, one of the most common people take for schooling is governmental money when those loans are paid off. This in turn allows for the interest accumulated and paid off to then become federal funding, allowing for other students to receive aid. There's many options for college, especially now. Public, Private, art college, graduate school, even online courses but these places didn't come out of nowhere. They were built with money and need money to run, a lot. A number many people underestimate. It's a personal choice for where a person goes but it still costs them something to attend. Need is calculated based on what people can afford. There's also many options at the students disposal to pay the loan debt back. Work, on campus work, internships, the students just need to be smart about it. Schools though, while they might not seem it, also need aid from time to time. The money that goes into them from the students isn't always enough to keep the entire institution and all the little gears and cogs working. This brings us back to the monetary struggle. It's not just students that struggle with it but schools too. For students it's a lack of understanding money that makes it hard while for schools the sheer size of everything they have to take care of makes it hard to distribute funds fairly and effectively. Humans always struggle to think about the long run instead of the present. Debt is something that's gained a title of taking a long time to pay off. If people had a better understanding of how the system worked and how to save then they wouldn't struggle as much to remove their debt. It's a lack of understanding that makes people believe removing the student debt system entirely would be the helpful solution.
The student loan system allows schools to receive a students payment in full while the student then shoulders the debt they then have to pay off. It's supposed to be a helpful system but instead it becomes draining. Students very rarely come out of college without debt and with a job offer lined up. Internships are almost a must to further yourself into a better paying job to keep up with all the bills and the debt. Graduated students do not make enough money to keep up with the debt, meaning it only increases and gets harder to pay off. 44.2 million, those in debt, might not seem like a big number when the global population is in the billions but there are more than 200 million students globally. That means 1 out of 5 students come out of school with debt. If the student loan system was removed then this could be changed. Maybe it wouldn't destroy the debt but it could make it more manageable to pay off. It wouldn't rack up astronomical interest nor would it be impossible to pay. Can we really say the system in place is working when nothing else has been tried?
Rejecting the premises