Education is important in the modern world as it allows us to acquire hard and soft skills applicable in various areas of life. At the same time, not everyone has the opportunity to get an undergraduate or graduate degree due to their financial situation. The one thing that needs to be improved or changed in my city is the availability of student loans because this will allow everyone who wants to get an education to have the financial ability, and will serve as an impetus to increase the level of academic knowledge in the city and bring the opportunity for potential students to build further careers.
In the United States of America, student loans are common throughout the country. They are second in popularity among loans taken in the United States (Mohr 341). However, there is a lack of balance, as in most large cities there are many opportunities for students to take the loans, while in small ones, sometimes they are completely absent. This is based on the expected paying capacity of the students when the loan is repaid (Carvajal and Popovici 162). In cities such as New York, salaries and existing career opportunities are better, which increases the chance of further earnings and full repayment of the loan.
There are successful educational programs in Norfolk, and a number of articles discuss how universities can help students to develop skills and knowledge. Moreover, one of these articles says that the interaction of students and professors is useful not only for the students themselves but for the development of science and the educational system (Commodore 2). Due to this, the opportunity for students to apply to universities is important.
At Norfolk, there is a lack of financial support for students. Therefore, in order to obtain an education, students need financial help from their families, or there is a need to work during their studies. This puts those willing to study from different families in an unequal learning environment and increases the social gap. An equal opportunity is needed for people from any social class to obtain higher education. Loans allow the students time to study and return the finances given out when they start working. This is an opportunity for those who want or need to learn certain directions and gain skills for further development.
Moreover, it is important to allow talented students from disadvantaged backgrounds to devote themselves to academic pursuits fully. In certain areas, such as science, theoretical education plays an important role. For this, students should have the option to invest time only in education during their studies. Student loans allow students to study for as long as needed without concerns about funding.
In addition, student loans have special repayment conditions compared to other types of loans. They give a longer period of time and a lower percentage so that students have the opportunity to graduate from university, start working and receive a salary before returning (Shireman 185). This allows for increasing the level of academic knowledge and skills, which in some instances helps to build a career faster. In addition, in certain industries such as medicine, education is necessary to provide quality service. For some people, when it is impossible to finance education, and there is a desire to study for a similar profession, they do not have such an opportunity if banks in the city do not provide loans. Thus, student loans offer opportunities for people who want to acquire additional knowledge.
Exclusively ABNB FCU bank provides some opportunities for obtaining a loan. In addition, Old Dominion University offers options for students, while other educational institutions, including Eastern Virginia Medical School, are more focused on providing loans only to people with disabilities. The introduction of student loans at the state bank level is recommended to provide equal learning opportunities. This will improve the level of academic education in the city and, in the future, ensure an increase in the number of qualified specialists.
However, while student loans make education affordable, there are also downsides. Students entering the university are not always sure of the direction or do not fully understand the value of the funds issued and the need to return them. Later, it becomes debt for a long period, requiring large financial investments that not everyone can afford. Thus, the cost of education does not always pay off, and it is important to take this aspect into account when taking out a loan. However, students’ success and desire to learn cannot be predicted. Therefore, it is crucial to enable interested individuals to sponsor their education on a loan basis.
In conclusion, education plays an important role for students, the education system, the development of the country, and the city. Due to the inability to finance their own education, some students need the possibility of loans on preferential terms. There are negative aspects that should be taken into account when spreading such an opportunity, but this will allow finding and revealing talents and raising the level of academic knowledge and skills.
References
Carvajal, Manuel J., and Ioana Popovici. “A Theoretical Framework for Estimating the Rate of Return to a Pharmacy Education Anywhere.”Continuing Professional Development in Pharmacy, vol. 8, no. 3, 2020, p. 162. Pharmacy. Web.
Commodore, Felecia, et al. “Coming Together: A Case Study of Collaboration Between Student Affairs and Faculty at Norfolk State University.”Frontiers in Education. vol. 3, 2018, pp. 1-10. Frontiers. Web.
Mohr, Aaron. “The Policy of Federal Student Loans: Looking Backward and Looking Forward.” Washington University Journal of Law & Policy, vol. 53. 2017, p. 341. Web.
Shireman, Robert. “Learn Now, Pay Later: A History of Income-Contingent Student loans in the United States.” The Annals of the American Academy of Political and Social Science, vol. 671, no. 1, 2017, pp. 184-201. SAGE Journals. Web.