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The labor market in America is changing It has been getting progressively more difficult to find employment As a result parents teachers and politicians are constantly stressing the importance of a college education to kids However since college graduates are even struggling to find a job a debate has arisen of whether it is worth it to pursue higher education One thing that most can agree on though is that college tuition has risen to exorbitant levels In effort to make college affordable and accessible the federal government implemented a federal lending policy that is continuously getting more aggressive However legislators have failed to recognize the unintended consequences resulted from the good intentioned system The program designed to give everyone an opportunity for higher education has driven college tuition and piled up student debt while only benefiting the collegesFederal student loans were first introduced to the US in 1958 when President Eisenhower signed the National Defense Education Act At the time the government was mandated to show each loan made as a loss therefore the budget rules limited the amount of loans to be made As a result in 1965 legislators implemented guaranteeing private loans made by banks In 1993 they decided it was necessary to get more involved so a bill was passed that introduced direct lending which had the Department of Education directly originate loans Direct loans grew increasingly more popular in colleges and students versus guaranteed loans Through 2010 the use of guaranteed loans diminished and President Obama ended the practice of guaranteeing loans all together with the notion that direct loans are more cost efficientToday federal loans take up 90 of the money borrowed by students to go to college private loans being the other 10 The most popular type of federal loan is Stafford loans which can either be offered in subsidized or unsubsidized In subsidized loans the government will pay the interest while you are in school and
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