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  3. Student loans are based on a simple idea: that a graduate’s future flow of e

Student loans are based on a simple idea: that a graduate’s future flow of e

游客2023-11-03  12
问题     Student loans are based on a simple idea: that a graduate’s future flow of earnings will more than cover the costs of doing a degree. But with unemployment rates in parts of the rich world at post-war highs, that may no longer hold true for many people. The consequences will be felt by everybody.
    All over the world student indebtedness is causing problems—witness this month’s violent protests in Chile. In Britain, according to a recent parliamentary report, rising university fees mean that student debt is likely to treble to ￡70 billion by 2015. But, partly because higher education there is so expensive, the scale of the problem is far greater in America. When the next official estimates of outstanding student debt there are published, it is expected to be close to $1 trillion, higher than credit-card borrowing. Credit quality in other classes of consumer debt has been improving; delinquency rates on student loans are rising.
    Many of the anti-Wall Street protesters push the idea of blanket debt forgiveness as a solution. But that is the wrong answer. Higher education is not a guarantee of employment, but it improves the odds immensely. Unemployment rates among university graduates stood at 4. 4% on average across OECD countries in 2009. People who did not complete secondary school faced unemployment rates of 11. 5%. Much of the debt that students are taking on is provided or guaranteed by the government. Imposing write-offs on all taxpayers to benefit those with the best job prospects is unfair; and ripping up contracts between borrowers and private lenders is usually a bad idea.
    That said, student-loan systems in America and elsewhere are often badly designed for an extended period of high unemployment. In contrast to the housing crash, the risk from student debt is not of a sudden explosion in losses but of gradual financial suffocation. The pressure needs to be eased.
    One option is to change the bankruptcy laws. In America, Britain and elsewhere, these treat student debt as a special case: unlike other forms of debt, it cannot be wiped out. If student debt is not to bound existing graduates and put off future ones, the rules could be changed so that it is dischargeable in bankruptcy. Yet the reasoning behind the current bankruptcy provisions is logical enough: education is an asset that cannot be repossessed and that keeps on benefiting the individual through his or her lifetime. Some worry that graduates would rush to declare bankruptcy, handing losses to taxpayers.
    So a second option is preferable. Many countries, America included, have designed student debt primarily as a mortgage-like obligation; it is repaid to a fixed schedule. Other places, like Britain and Australia, make student-loan repayments contingent(依情况而定的)on reaching an income threshold so that the prospect of taking on debt is more acceptable to people from poorer backgrounds. That approach makes sense, especially when jobs are scarce. Barack Obama this week proposed to limit loan payments for some struggling American graduates to 10% of discretionary(任意的)income and forgive outstanding debt after 20 years. Income-based repayment ought to become the norm.
    Both changes would lead to a repricing of student debt. That would be a bad thing for taxpayers, but a good thing overall. If such information were made public, other useful data would follow—on the average financial returns to graduates of specific subjects, for example. Those studying less profitable subjects would have to pay more, or be subsidised more. It would be a controversial approach, but a more educated one. [br] What does the phrase "blanket debt forgiveness" in Paragraph 3 probably mean?
选项 A、Debt elimination to high-school drop-outs.
B、Debt forgiveness to indebted college graduates.
C、Debt tolerance to those who have no jobs.
D、Debt cancelling to excellent degree owners.
答案 B
解析 语义题。作者在第三段第一句提到，很多反对华尔街的抗议者们拥护blanket debt forgiveness的解决办法，接下来作者证明了该措施的不妥之处，认为高等教育确实提高了毕业生的就业几率；作者在该段第六、七句接着提到，学生的大部分贷款是由政府提供或担保的。把免除债务强加给所有的纳税人，从而让这些拥有最好就业前景的人受益，这是不公平的；并且撕毁借款人和私人放贷者之间的合约通常也是个糟糕的主意，故可推断出blanket debt forgiveness指的是“一种全部免除学生债务的方式”，故[B]为正确答案。
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