ENG122 Ashford University Week 5 Flexible Repayment Plans Paper nterpret information through close and critical reading. Demonstrate effective use of the w

ENG122 Ashford University Week 5 Flexible Repayment Plans Paper nterpret information through close and critical reading.
Demonstrate effective use of the writing process.
Employ effective academic tone, style, mechanics, and citation method.
Integrate relevant source material effectively and ethically.
Support a position appropriate to the rhetorical situation.

You will submit a five- to seven-page (1,250 to 1,800 word) well-structured essay that is formatted in proper APA style. This final draft assignment must integrate prior feedback and show effective improvement from the prior rough draft assignment. Your essay is expected to be the product of a complete and thorough writing process.

The argument presented in your essay must be sound, valid, and based upon evidence from at least eight credible sources—at least five of which must be scholarly. (Review the Scholarly, Peer Reviewed, and Other Credible Sources (Links to an external site.) table for more information about appropriate sources). Information and evidence must be integrated properly, cited accurately, and used with integrity. The essay must be appropriate for an academic audience.

If you have any questions about the requirements of this assignment, please contact your instructor right away. This assignment will be assessed on a 100-point scale and is worth 30% of your final grade. Your assignment may lose its formatting when it is converted in the Waypoint grading system. To preserve formatting, please submit your assignment as a PDF file. Running head: WEEK 3 ASSIGNMENT ESSAY ROUGH DRAFT
Eng 122 Week 3 Assignment
Alonda Royal
Ashford University
9/9/2019
WEEK 3 ASSIGNMENT ESSAY ROUGH DRAFT
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Student’s loan has a consequential domino effect. Students acquire and accumulate loans
because of the general notion and hope that they will be in a position to repay the loans after
getting jobs relative to their levels of qualification. Unfortunately, the bias of overestimation of
the ability to repay the debts is a common phenomenon. A comparative study between students
in England and France indicated that student loans were the main source of funding for English
students whereas parents contribution attributed the major proportion for French students (Zainal
& Ismail, 2012).
The psychological weight of debt burden is experienced by students and parents or
sponsors alike. The practical scenario is that most students take longer to get jobs, while some
get jobs with lower-average-salaries leading to higher-average payment-to-income ratios. This
makes it hard for them to settle their loans and even leading to defaulting (Zainal & Ismail,
2012). According to Jackson and Reynolds (2013), student’s debt burden influences their future
quality of life in a tremendous way. Students with heavy debt burdens may delay crucial life
endeavors such as marriage and family because of financial constraints.
Student debt can be a huge burden for marriages. Graduates report long-term strains on
marriages as a result of student loan burdens. High monthly payments of student’s loan debt are
cited as the cause of the financial strains. The debt situation is so dire for some that they compare
it to the life of a prison inmate. This is indicative of the mental pressure it weighs on the debtors.
The executive director of the student’s loan crisis, Natalia Abrahams, reports frequently reported
incidences of people fighting with suicidal thoughts over the issue (Diana, 2018).
There are different types of student’s loan repayment strategies that are utilized by
various governments globally. These loan repayment modules are; the conventional mortgagetype loan and the income-contingent loan. The conventional mortgage type-loan is commonly
WEEK 3 ASSIGNMENT ESSAY ROUGH DRAFT
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used even in China. The disadvantage of this type of loan is the main cause of the challenges.
The repayment strategy of this module is usually fixed and does not depend on the future income
of the graduates. This may result to a higher likelihood of defaulting, increased penalty due to
interest accrued on the principal amount and finally plunging the students into an even direr
financial crisis that is unmanageable (Shen, 2010).
This conforms to Jackson and Reynolds’s (2013) findings that the higher the student’s
inability to repay the loan, the higher the probability that he will default payment. Also, there is
an identical inference by both researchers with regards to the creditworthiness of debtors.
Defaulter’s credit ratings and credit records are injured tremendously. The repercussions of
credit ineligibility affect the lives of the people tremendously. Defaulting, despite undeniable
challenges renders them ineligible to any form of loans from banks and co-operatives.
The society today is heavily dependent on mortgages and loans. Housing is a basic
human need. The result of students loan burden, in this case, is reluctance to take house
mortgages in a desperate bid to clear the student loan. Evidently, inability to repay student loan
creates a cycle of financial challenges that impede the improvement of the quality of life of
individuals, families, and society.
Consequently, the demographics of the student’s loan burden has traversed generations.
LIMRA secure retirement institute conducted a survey using the Federal Reserve’s 2013 Survey
for Consumer Finances to determine the long term effects of student’s loan. The finding was that
there has been a sharp increase in education loan debt for those close to retirement in the past 25
years. Just 4% of aged person between 55-64 years had education debt in 1989, however, by
2013 that figure had increased to over 30% (Holland, 2015).
WEEK 3 ASSIGNMENT ESSAY ROUGH DRAFT
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The trend of debts in our education system is worrying. The traditional approach of
acquiring education was in light of the hope of a better future. The revealing trends strongly
assert that the status quo has averted. The millennial’s future choices with regards to education
may be very different (Holland, 2015). The impetus that drives education is a promising future,
however, this narrative is being challenged in this information age of internet and Google and a
possibility of a great future that is not curtailed by student loan debts.
According to research findings, students with a heavy debt burden due to student loans
easily settle for less paying jobs in comparison to students without loans. Evidently, students
with loans are working shoulder-to-shoulder with counterparts who do not have comparative
education qualifications and accept meager payment rates in a desperate run to clear debts
(Jackson & Reynolds, 2013). The amount invested in education is reaching a threshold where it
does not reap commensurate income for a fairly large number of the populous. This may
influence parenting decision with regards to attaining education for future generations.
In view of the long term consequences of student loans, an individual’s lifetime wealth is
reduced immensely. According to the National Debt Relief (2014), the average student loan
amount of $53,000 can lead to a proportionate wealth loss amount of $208,000. This is a basic
equivalent of a small house and an average life-long income. This strain forces individuals to
neglect the possibility of a retirement investment plan which is equally important to ensure
quality life in old-age.
The decision to make investments is met with realities of the consequences of defaulting
payment. This makes sure that the young adult does not engage in entrepreneurial ventures that
would otherwise increase income. The risk is too high to make such business maneuvers and
leaves the only safe zone to be a lifetime of survival on low-income due to high payment-to-
WEEK 3 ASSIGNMENT ESSAY ROUGH DRAFT
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income ratios and the satisfaction of knowing that one is actually doing something to avert the
status of heavy indebtedness (National Debt Relief, 2014). In this case fear to venture becomes
the only safe resort for those with student loans.
In a close contextual relationship, career development can be affected adversely. Those
with loans are less likely to advance their profession through acquiring postgraduate studies due
to these debts. Postgraduate education is very expensive globally and requires investment.
Stagnation in terms of career development is widely experienced. Frustrations due to these
challenges can breed mental conditions such as depression and alcohol dependence (Jackson &
Reynolds, 2013). Poor health is detrimental to those in debt and those who are not in debt. It
reduces the overall productivity of an individual even young adults who would have otherwise
contributed productively to the economy for a long period of time.
Evidently, there is a need for government intervention in this matter. Alternative loans
that can improve the quality of life for young adults with a futuristic view should be emphasized.
Education by experts should be offered to college and university students with full disclosure of
the pros and cons of taking students loans. Policies and loan plans that cover the economic status
quo of students should be developed and utilized to impede the cycle of debt and poverty among
people who would have contributed immensely and productively to the economy.
Lastly, the education system should be reviewed, as it no longer projects an upward
motion in improving quality of life in this new era as presented by many researcher and scholars
(Holland, 2015).
WEEK 3 ASSIGNMENT ESSAY ROUGH DRAFT
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References
Diana, H. (2018, November 1). New Report Finds Students Debt has a Disastrous Domino Effect
on Millions of Americans. Retrieved September 9, 2019, from Forbes:
https://www.forbes.com/sites/dianahembree/2018/11/01/new-report-finds-student-debtburden-has-disastrous-domino-effect-on-millions-of-americans/#25be90e112d1
Holland, K. (2015, December 9). The long-term consequences of student loans. Retrieved
September 6, 2019, from CNBC Markets: https://www.cnbc.com/2015/12/08/the-longterm-consequences-of-student-loans.html
Jackson, B., & Reynolds, J. (2013, May 08). The Price of Opportunity; Race, Student Loan Debt,
and College Achievement. Sociological Inquiry, 83(3), 335-368.
National Debt Relief. (2014, April). Five Ways Students Loans are Jeopardizing our Future.
Retrieved September 6, 2019, from NDR: https://www.nationaldebtrelief.com/5-waysstudent-loans-jeopardizing-future/
Shen, H. (2010, February). Advantages and Disadvantages of Student Loans Patterns.
International Education Studies, 3(1), 45-49. Retrieved September 9, 2019, from
https://files.eric.ed.gov/fulltext/EJ1066081.pdf
Zainal, N., & Ismail, N. (2012). Debt Composition and Attitude towards Education Loan among
Malaysian Graduates. Procedia-Social and Behavioral Sciences, 280-286.
WEEK 3 ASSIGNMENT ESSAY ROUGH DRAFT
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Running head: OUTLINE
1
Outline for Week 2 Assignment: College debt’s impact on students’ future life choices.
Alonda Royal
Ashford University
English 122
September 10, 2019
OUTLINE
2
Outline for Week 2 Assignment: College debt’s impact on students’ future life choices.
I.
Introduction
a. Students in tertiary institutions such as technical colleges and universities go
through difficult times due to their lack of financial freedom. Most of the
students, having no jobs or a steady source of income, over rely on parental
support or student loans, which in most cases is never enough to sustain their
needs and lifestyle.
b. Lack of financial freedom not only limits the student’s access to their essential
needs but also plays a significant role in impacting their future life decisions.
Students who lack adequate financial support from their parents or sponsors go
through stress from their inability to sustain their daily needs, delayed life
decisions, and restricted career choices (Jackson & Reynolds, 2013).
c. Students who lack adequate finances in tertiary institutions are usually compelled
into taking student loans.
d. Thesis statement
1. College debt has a negative impact on the on students’ future life choices
e. This paper will seek to make this argument by looking at the financial challenges
facing college students and the high debt levels, the impact of high debt levels
among college students on future life choices and the strategies that can be used to
deal with the challenge
II.
Financial Challenges Facing College Students and high levels of debt
a. Many college students struggle with the challenge of finances
b. This forces them to take loans putting them in high levels of debt
OUTLINE
3
c. Thomas (2002) asserts that poverty and debt greatly impacts the lives o of the
learners
III.
The impact of High debt levels among college students on future life choices.
a.
Research findings have indicated that student loan debts have negative
impacts on the student’s future life choices both after they graduate or fail to
graduate. Kirby (2018) asserts that the life of students who secure students
loan has a high probability of having some challenges which serve to derail
their future
1.
Student loan debts serve to discourage the student from taking part in
entrepreneurship.
a) With a huge pending loan, the student is often discouraged from
venturing into proprietorship,
b) With a low credit rating the individual also has limited access to other
sources of capital such as bank loans and cooperatives (Jackson &
Reynolds, 2013).
c) Elliott and Lewis (2015) assert that student debt affects the
individual’s financial life, compromises their capability to accumulate
capital, relegates them to a low net worth and low name equity
contrasted to other learners without debt.
d) Caldwell (2019) asserts that the college loan has a significant effect on
income to debt ratio of the student
2. Student loans also restrict an individual’s career choices and career satisfaction.
OUTLINE
4
a) Students that are saddled with the debt burden, especially from student
loans, are more likely to accept even low paying jobs compared to
students without a student loan (Minicozzi, 2005; Kenny, 2010).). This
is particularly because the students are pressured into repaying the
pending loan debts that they desperately jump on any opportunity to be
absorbed in the industry even if it means getting paid in peanuts
(Jackson & Reynolds, 2013).
b) Having chosen a job for the sole reason of repaying the student loans,
the individual is also characterized by low job satisfaction.
3. Student loan debts also affect future decisions such as marriage and the
establishment of a family.
a. The decision to marry and start a family requires adequate financial
power. With a huge pending loan, individuals, especially women, end up
delaying crucial life decisions such as getting married or giving birth to
children until they are through with the repayment of the loan.
b. Research findings have also indicated that such students are also
characterized by low savings and net worth (Caldwell, 2019).
4. Students with pending student loans are less likely to enroll for post graduate
courses.
a. With barely enough money to sustain their lifestyle, students with huge
loans also lack the financial freedom to enroll for post graduate programs
and are also discouraged from borrowing money to pursue education
(Belasco, 2015).
OUTLINE
5
b. The pressure to repay the pending student loan also pushes them into
prioritizing employment over post graduate education.
5. Individuals with pending student loans are also likely to experience mental health
concerns.
a.
The low financial power subjects them to high stress levels and pressure
they may thus end up making irrational decisions such as committing
suicide in the future.
b. The decisions they end up making are usually inclined towards the
repayment of the loan, and in the event that they are unable to repay, they
may end up succumbing to depression among other psychological
concerns (Jackson & Reynolds, 2013).
IV.
Strategies to deal with challenges of Huge college debts
a. While availing financial assistance to needy students through tertiary
education, the federal government must also establish policies and
strategies that will facilitate a smooth transition and absorption into the job
market.
b. The loan repayment process should also be structured such that it is
considerate of the individuals of lifestyles.
c. The deductions made on the individual’s income should, therefore, be
made in such a way that the person can still have enough money to
establish their lives after graduation.
d. Myers (2019) admonishes higher education learners to shun student loans
as much as they can to avoid chaos in their future life
OUTLINE
V.
6
Conclusion
a. Huge College student debts are a big challenge for the beneficiaries of
such loans
b. Although they are meant to help the student pursue their academic goals
with ease, the debt has a huge negative impact on the student’s future life
c. Therefore college debt has a negative impact on the on students’ future life
choices in terms of career, pursuit of entrepreneurship, marriage , pursuit
of further education, mental issues and so forth
d. To effectively address these issue policies and strategies must be
formulated that that will facilitate a smooth transition and absorption into
the job market as well as the structuring of the loan repayment process in a
considerate manner.
OUTLINE
7
References
Belasco, A. (2015). The life-altering impact of student loan debt. Retrieved September 1, 2019.

The life-altering impact of student loan debt

Caldwell, M.(2019). Ways Your Student Loans Are Ruining Your Future Finances. The Balance.
Retrieved 1 September 2019, from https://www.thebalance.com/ways-your-student-loans-hurtyou-4026671.
Elliott, W. and Lewis, M. (2015), STUDENT DEBT EFFECTS ON FINANCIAL WELL?BEING:
RESEARCH AND POLICY IMPLICATIONS. Journal of Economic Surveys, 29: 614-636.
doi:10.1111/joes.12124
Jackson, B. A., & Reynolds, J. R. (2013). The price of opportunity: Race, student loan debt, and
college achievement. Sociological Inquiry, 83(3), 335-368.
Kenny, D., T. (2010). The Effect of Student Debt on Caree Choices. Boston College Electronic Thesis or
Dissertation, 2010. Retrieved,
September 1, 2019. https://dlib.bc.edu/islandora/object/bc-
ir:102348/datastream/PDF/view
Kirby, C. (2018). How Student Loan Debt Can Derail Your Future. (2018). Wise Bread. Retrieved 1
September 2019, from https://www.wisebread.com/how-student-loan-debt-can-derail-your-future
Minicozzi, A. (2005). The short term effect of educational debt on job decisions. Economics of Education
Review, 24(4), 417-430.
Myers, W. (2019). The effect of student loans on your future: What to know before applying for financial
aid. Retrieved 1 September 2019, from https://www.nbcnews.com/think/opinion/applyingfinancial-aid-student-loans-are-mortgage-your-future-no-ncna944971 .
Thomas. L.(2002) Student retention in higher education: the role of institutional habitus, Journal of
Education Policy, 17:4, 423-442, DOI: 10.1080/02680930210140257
RESEARCH NOTEBOOK
ENG122: ENGLISH COMPOSITION II
STUDENT NAME:
Alonda Royal
INSTRUCTOR:
FINAL DECISIONS
COMPLETE THIS AS EACH TASK IS COMPLETED. MAKE SURE YOU HAVE
FINISHED ALL TABLES BEFORE SUBMISSION IN WEEK 4.
TOPIC:
Students loans and their future career
NARROWED
TOPIC:
Impact of students’ loans on their future career and life choices.
RESEARCH
QUESTION:
How does college debt affect future life choices in college
graduates?
THESIS
STATEMENT:
Research shows that college debt negatively affects students’ future
career and life choices. This paper focuses on analyzing negative
impact of student debt on future life choices of college graduates
and also looks into various strategies college students can use to deal
with this challenge.
ESSAY TITLE:
Negative impact of college debt on students’ future choices.
1
SECTION ONE: TOPIC SELECTION
COMPLETE THIS SECTION DURING WEEK 1
COMMUNITY:
Students
ISSUES FACING
THE COMMUNITY:
High levels of debt, stress, financial difficulties.
RESEARCH TOPIC:
College debt’s impact on students’ future life choices.
NARROWED
TOPIC:
Various studies and opinions by students show that college debt can
have a negative impact on future life choices.
ONCE YOU HAVE RECEIVED FEEDBACK FROM YOUR INSTRUCTOR IN THE
WEEK 1 INSTRUCTOR MEETUP QUIZ, FINALIZE YOUR TOPIC AND
NARROWED TOPIC, AND ADD THEM TO THE “FINAL DECISIONS” TABLE ON
THE COVER PAGE.
What has been your
own personal
experience(s) with this
topic?
As a student, I had to acquire a student loan so as to help pay my
school fees. Also, I have a lot of friends who have acquired student
loans so as to pay for their college education.
What do you already
know about this
topic? Where did you
get that information?
Based on information and statements made by various graduates,
student loans can have a negative impact on life choices. This
majorly affects financial decisions that graduates make since they are
still obligated to pay hefty student loans that they acquired to pay for
their higher education.
What steps have you
taken to discover
different viewpoints
from your own?
I have researched this topic a lot and realized that there are various
viewpoints from different people. Some people believe that there are
no negative impacts of student loans after graduating while others
believe that t…
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