Hernandez 1 Edwin Hernandez Vana Derohanessian English 114B February 18, 2014 Wheres my money?

As a child we dont see the importance of money but as we get older it becomes a greater concern. We realize that everything has a price and we try different solutions to obtain financial resources. We apply for jobs and try to save up our money for future expenses. However, some people get too caught up with money and believe they have enough to live off and begin to spend needlessly. Everyone in general has some type of financial responsibility no matter his or her status. The head of a household has to pay bills and provide for his or her family and some students have to pay off loans and even the government has financial responsibility like paying off the national debt. Whether big or small, everyone such as students, parents and the national economy have a financial responsibility therefore should be able to manage it successfully. Students have a financial obligation whether its paying off a loan or buying necessities. In the article Student Borrowers Struggle to Repay Loans by Courtney Coren it is stated that, Only 40 percent of federal student loan borrowers are currently paying back their loans (1). If only 40% pay back it makes me wonder what happened to more than half the people that need to pay. I think that sometimes we as students put something off to do something else that we feel is more important. Someone could be more interested in going out too often and may forget their financial responsibilities. I believe in these cases students should be aware of their responsibilities and put money aside incase of emergencies. Coren continues, About 35 percent are not paying back their loans because they are either still in school or in the six month grace period before

Hernandez 2 payments are required to begin(1). Where is the other percent that owes money? Perhaps they decided to take a long vacation. I have a close friend that decided to take out a loan because he wanted more funds. But he got carried away and began to spend needlessly on items that are no where near school related. I have a friend at UC Santa Cruz and he took out a loan because he actually needed the funds. He has spent his money wisely; he and his parents have a plan to manage it successfully. One of my friends has shown to be more responsible with his finances to contrary of the other. All students should take on their financial duties because it prepares them for the future. The United States Government also has some financial obligations that amount to a great sum. In the article The U.S. Debt and How It Got So Big by Kimberly Amadeo it states that, the U.S. national debt is the sum of all outstanding debt owed by the Federal Government. The federal government has its financial responsibilities to find ways that eliminate the dues it has and owes. Amadeo relates that on October 17, 2013 the debt surged past $17 trillion which made it the largest by any single country. The government tries to find solutions that will help reduce the deficit, but at the same time having the nations needs in their mind. For example, the government can reduce the purchases of outside resources and begin to make more domestic products. Perhaps we can even begin to export more products that we make to help us gain funds. The government has a financial fulfillment just like us, the only difference is they are responsible for much more. Students and the government have a financial responsibility to help reconstruct our economy and make the future better. At some point, everyone should be able to pay there dues. According to Richard Vedders article Forgive Student Loans he states, If the federal government shoulders the entire burden, we are adding a trillion more dollars in liabilities to a govern-

Hernandez 3 ment already grievously overextended (1). The students should not put more pressure on the government. The students have the responsibility to pay their finances and the government already has the responsibility for things like Medicare, Social Security, and the national debt. It wouldn't be fair for someone to take responsibility for something another person did. The financial responsibility may feel like a burden but we should be able to make a commitment to handle our own responsibility. Some people may argue that although taking care of financial issues is important it is something that we should all take care of collectively rather than individually. I concur that we are all millions and we cant cover for each and every person. The American Student Assistance (ASA) states that, there are approximately 37 million student loan borrowers with outstanding student loans today. Everyone should be able to pay their individual loans rather then having to look at bigger amounts of debt. According to the Oxford English Dictionary the word responsibility is defined as, capability of fulfilling an obligation or duty; the quality of being reliable or trustworthy. This is a quality that we are all capable of proceeding with no matter the situation. For example, if I were to hit a car and it was obviously my fault I cant flee because I have to accept culpability for what i did and pay for any damage. It also wouldnt be fair to make someone pay for something i did because I am reliable. I believe that a person is responsible for their monetary issues and their specific actions. We all have financial obligations whether big or small that we should take care of. It doesn't matter if its a nation or a single individual. Students have to stay on task and make sure to fulfill all of their financial responsibilities. The United States Government absorbs intense pressure that is helping the national economy. The government has to think about the people and the prosperity of the nation. Having financial obligations can be one of the most stressful things because of

Hernandez 4 the long term consequences it may have such as losing a home or even going to jail. The term responsibility is inscribed in our lives like words on stone and its something we have to accept At the end we should take care of our financial responsibility even if we dont like to see our money go.