Banks should not give loans to people who cannot payback their debts.

Introduction:

America is facing a tough time with Student Debt. Despite The president's best efforts to help forgive student loans. Loan companies are still making deals with private citizens to borrow huge sums of money that they cannot pay back. While this is not illegal technically. I intend to show why this is a problem and should not be allowed.

Argument 1: Student debt kills many academic futures for many people. 

One of the primary reasons people go to loan companies in the first place is because they believe that college is too expensive and that a loan will get them into college. While the money the aforementioned companies provide may open the door to college, they also limit it due to astronomical interest rates that promising students can neither pay back nor continue their education in many circumstances.

Not only are loan companies not needed for a person to achieve academic success. But loan companies specifically target people who are ignorant about their financial options. For example, no loan company ever turns down an applicant who is poor enough to qualify for grants from the government to pay for their education. The common practice of loan companies entrapping unsuspecting poor people who desire education is immoral and economically damaging to both the individual and the economy. The loan companies should not be allowed to continue this abhorrent practice.

 

According to CollegeDropout Rates: 2024 Statistics by Race, Gender & Income | Research.com, Over 40% of undergraduates drop out of college due to student debt. That is thousands, if not millions, of potential doctors, scientists, and or future political leaders never seeing the light of day because of the dubious practices of loan companies. By denying the loan company’s ability to entrap people into debt. We not only improve our economy significantly, but we also pave the way for younger generations to have a fair chance at not only a good education but also a promising future that can shape our economic futures to heights that we have never seen.

We must decide the future of this nation, friends. Do we keep it as a nation where the economy suffers because the rich cooperate companies can entrap young and promising individuals into unreasonable debt? Or do we make a nation that is preferably debt-free, and all of us can make bread, find work, and, with great effort, a future? That is the question that must be answered.