Degree In Debt

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I Got a Degree in...Debt? Nicholas Wilkins Word Count (Excluding Citations): 567 Your phone is ringing off the hook. Despite the fact that you went to college to climb the mountains to your dreams, you have plummeted into major debt. While you view your degree as a key to changing the world, others view it as a rather hefty price tag. Those deadlines to begin paying back the loans you took out for tuition? Well, they came a lot more quickly than you anticipated, and the job market has not been your best friend. Student loan debt collectors are now squeezing their way into every crevice of your life. What I just described is a sad reality for countless college graduates across the United States, and could easily happen to many of us. With the…show more content…
If a graduate can not pay the mountains of debt collected in their name, their credit score drops. They are suddenly pushed into a corner where it is even more difficult to find employment, housing, and make purchases such as automobiles. It is also important to note that student loan debt can not be cleared by bankruptcy, and as a result, uses up a student’s debt capacity. Studies show that students without a debt capacity are less likely to open up small businesses and buy homes (New York Times). While this is devastating to them on a personal level, it also hurts our economy. 60% of jobs are created by small businesses, which are no longer being created by college graduates due to their extreme debt (New York Times). College graduates with loan debt are also less likely to choose low-paying, public interest jobs, because they feel a need to have a high income. This means that they are prevented from following their passions, but also not doing the work our society needs done. Degrees that are meant to be the keys to success often come with fine prints that inhibit students, and debt collectors are the ones to bring this fine print to light. The things are mentioned are just a brief overview of the devastating effects of student loan debt on college graduates. Excessive debt is creating a new workforce that simply can not afford to function in society as previous…show more content…
The debt collector would be required to inform the consumer that they can request verification and validation of the debt. They would have to inform the consumer they can request to only be contacted by mail. They would have to inform the consumer that the consumer has a right to record the phone conversation. Once the debt collector completed informing the consumer of their rights, my legislation would require the debt collector to ask the following questions. Do you wish to receive debt verification and validation? Do you wish to only have contact by mail the USPS mail service? If the consumer answered yes to either the debt collector must simply communicate to the consumer that they will mail the requested documentation and then proceed with communication by the USPS from that point forward. The debt collector would then be required to hang up the

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