The title says it all….
I recently sat down at my computer in a small liberal arts private school cafeteria in Pennsylvania because I had approximately two hours before my next class started. I started thinking about our current “President”, Donald Trump, his actions and executive orders toward Muslim-dominant countries and his unqualified pick of the current Secretary of Education, Betsy DeVos. I can write an article about each one of Donald Trump’s nominees and the things they did in the past/are going to do to our country in the future, but I’ll save that for now.
All my life, my brothers and I have been blessed and fortunate enough to have loving parents that helped/help us pay for our needs and wants and when it came to college, most of our college tuition. However, I started thinking about the high school seniors in my current high school that do not have parents. The ones who live in homeless shelters because they are 18 and got kicked out or the ones that parents just do not care and they will not encourage their kid to go to college.
So I decided to apply for a loan. I applied for a private loan through a widely known student and parent loan company. I never applied for any private loans because I just used the unsubsidized/subsidized loans the U.S. federal government offered me, which by the way, is a great program because you don’t have to pay until 6 months after graduating your institution of academia. They website asked me the simple questions: name, address, social security number, date of birth, etc. Then, the website asked me how much my college was giving me with scholarships and financial aid. The last question before submitting my application was asking about my job and how much I make per year. This is the problem I have with every student loan company. My parents always encouraged me not to work because my academics always come first, however, I worked because I felt the need to have my own money. I only currently work approximately 15 hours/week because I am in college full-time and I’m involved in activities that take up a lot time. I submitted my application and within 10 seconds, it said I was not approved and I need a cosigner.
A COSIGNER? Obviously, I filled out the loan application because I wanted to see how easy it was to get a loan and it obviously isn’t easy. What about the people that want to go to college and don't have parents in their lives and they don't have anybody to cosign a loan with them? How is America supposed to get out of poverty if those already in poverty can't apply and take out a loan for themselves to get educated and get a great job. Then, when they get denied for a student loan because they don't have a cosigner, and they can't afford a home and basic necessities with their $7.25/hr job, they go on our Welfare system in which all of the conservatives are trying to change. I seriously just don't understand how Trump and all his supporters want to change the economy when student loan rates are Sky High and unless you have parents with good credit, you won't be attending college. Also, why are the private student loan rates, 8% and higher? Of course they claim the rates start at 2.87% but we all know that is NEVER the case.
If we want our economy to be the best it’s ever been, I think it is necessary for our federal government to establish a loan rate that is affordable for everybody including those in poverty that do not have anything to begin with. Every person in the United States of America deserves the right to attend a college/university if they want. We all understand the need for banks and loan companies to make money, but I personally believe it should not be at the expense of any student wanting to go to college.