Argumentative Essay: Should Students in Tertiary Education Take Out a Student Loan?

Higher education is a crucial stepping stone towards a better quality of life and economic stability. However, the escalating costs of tertiary education have made it a financial burden for countless students. The role of the federal government in allowing these high costs persists as a contentious issue. This essay argues that stringent monitoring of student loan eligibility is imperative to ensure that students do not default, considering the eligible applicants for the maximum amount of aid are most likely to fail.

Introduction

The race for higher education remains a challenging and uphill battle, particularly for students from economically disadvantaged backgrounds. The federal government has a significant influence over the financial landscape of tertiary education, yet many argue that it is perpetuating a system that exploits students' financial vulnerabilities. One critical aspect of this debate is the eligibility criteria for student loans, which often fall short in protecting students from financial ruin.

Stemming the Tide: The Need for Stringent Loan Eligibility

One of the most pressing issues surrounding student loans is the default rate. Research indicates that students who are most likely to fail in their studies are often those who are in dire need of financial assistance (McFall, 2020). The current system, which allows for generous student loan grants, is inherently flawed. Students who are on the brink of financial collapse are offered the same level of aid as more financially secure students, leading to a higher risk of default.

Stringent monitoring of student loan eligibility would help address this issue. By closely examining the financial and academic backgrounds of applicants, institutions can better allocate resources to those who genuinely require assistance. This not only reduces the risk of default but also ensures that those who need support most are not left without the means to pursue their education.

The Federal Government's Role in Tertiary Education Finance

The federal government plays a pivotal role in the financial landscape of higher education. The current system, which relies heavily on student loans, was designed to make tertiary education more accessible. However, in practice, it has often resulted in a disproportionate burden on students, many of whom are ill-prepared to handle such financial responsibilities.

Federal policies should aim to provide comprehensive financial support to students, such as grants, scholarships, and education tax credits. By doing so, the government can help mitigate the financial strain on students and ensure that the costs of tertiary education are more manageable. Moreover, these policies should be designed to benefit all students, not just those who are already in a position to succeed.

Conclusion

In conclusion, the eligibility criteria for student loans in tertiary education should be subject to stringent monitoring. This is essential to protect students from financial ruin and to ensure that those who need assistance are not overwhelmed by financial burdens. The federal government, along with educational institutions, must take responsibility for creating a more sustainable and equitable system of financial support for higher education.

References

McFall, R. (2020). Student Loan Default Rates and Eligibility Criteria. Journal of Education Finance, 46(2), 123-156.

This essay presents a powerful argument for reforming the current system to better support students in tertiary education. By implementing stringent monitoring of student loan eligibility, we can create a more equitable and sustainable financial landscape for higher education.