Midterm Assignment: Agency Social Analysis Paper

Midterm Assignment: Agency Social Analysis Paper Author’s Name The Institutional Affiliation Course Number and Name Instructor Name Assignment Due Date Table of Contents TOC \o "1-3" \h \z \u Response Paper PAGEREF _Toc179162534 \h 3Introduction PAGEREF _Toc179162535 \h 4Identification of the Social Problem PAGEREF _Toc179162536 \h 4Analysis of the Current Program and its Goal PAGEREF _Toc179162537 \h 6Principles and Values of the Policy And Program PAGEREF _Toc179162538 \h 6Bases of Social Allocation PAGEREF _Toc179162539 \h 6Delivery System Strategies PAGEREF _Toc179162540 \h 7Financing of the Program PAGEREF _Toc179162541 \h 7Incorporation of Distributive Justice PAGEREF _Toc179162542 \h 7Principles of Equality, Equity and Adequacy PAGEREF _Toc179162543 \h 8Individual and Collective Values in the Program PAGEREF _Toc179162544 \h 8Strengths and Weaknesses of the Program PAGEREF _Toc179162545 \h 9Proposed Changes PAGEREF _Toc179162546 \h 9Expanding Eligibility Criteria PAGEREF _Toc179162547 \h 9Simplifying the Application Process PAGEREF _Toc179162548 \h 10Increasing Funding PAGEREF _Toc179162549 \h 10Policy Practice and Implementation PAGEREF _Toc179162550 \h 10Evaluation of Effectiveness PAGEREF _Toc179162551 \h 11Conclusion PAGEREF _Toc179162552 \h 12References PAGEREF _Toc179162553 \h 13Appendix PAGEREF _Toc179162554 \h 15 Response Paper Hello everyone, Today, I will elaborate on the Public Student Loan Forgiveness program, one of the significant programs instituted by the Congress of the US in 2007, which addressed the issue of student debt concerning public service workers. PSLF aims to deter people from moving away from essential professions such as education, health and care and government services where most of the professionals are paid less compared to the same in the industry, and after making 120 qualifying payments, after payment has been exhausted the remainder of the debt is forgiven. Sociocultural explains the growing problem of the current liabilities of consumer credit – student loans of more than $1.7 trillion- and its implications on the economy and the self-sufficiency of individuals. It is especially alarming given the increasing levels of inflation and the lack of state support in providing education, which is leaving a substantial financial and social burden on a young population and threatening to suspend the pursuit of significant life aspirations. The processes require issuing and servicing PSLF’s three key players: borrowers, loan servicers and the Department of Education. However, such programs have several shortcomings, such as rejection rates that are way above the market average or high operational inefficiencies that make the debt relief process unbearably complicated for many who bear the burden of serving the public. Considering the changes, including the extensive eligibility, simplifying the application process and enhancing funding to offer value in the program is fundamental. Also, the expert team must assess the changes, and effective monitoring mechanisms must ensure that programs meet the goal of offering benefits to the economy and the service workers. Introduction Public Student Loan Forgiveness Programme, created in 2007 by the US Congress, provides relief among public servants through the discharge of any outstanding balances on Direct Loans after making 120 on-the-time monthly payments based on a qualifying repayment plan at least on half-time public service-related employment. This program aims explicitly at the implied solely those who work within the government, non-profit, and other public service sectors to acknowledge their efforts through alleviating the costs associated with schooling (Federal Student Aid, 2018). In the current economy, where educational debts are challenging many professionals, the PSLF is one of the policy solutions. In addition to helping to regulate individual financial security for thousands of service employees, it promotes professions in essential parts of the public sector (Council on Foreign Relations, 2023). This paper will provide a critical evaluation of the operational aspects of PSLF, a measure of its efficiency and drawbacks, the societal and economic issues that PSLF seeks to solve, and avenues to enhance its efficiency. Identification of the Social Problem The current student loan problem in the United States can be attributed to the ever-advancing tuition costs witnessed over many years due to the growing demand for college education and the decrease in State funding to public universities. Tuition has increased significantly with student indebtedness over two times more than it was two decades ago (Furuta, 2023). Forty-three million US borrowers were indebted to more than $1.6 trillion in federal student loans by September 2023. Including private loans, that figure is over $1.7 trillion, thus putting overall student loan debt over that of auto and credit cards (Council on Foreign Relations, 2023). As the figure below shows, only more than $12 trillion in home mortgage debt is more considerable. Figure 1: Student Loan in the US (Council on Foreign Relations, 2023) More light will be shed on this later in this study to get a full view of the socio-economic implications of this increasing debt. It thwarts young adults’ financial autonomy and puts some major life events on hold, including owning a house, marrying, or pursuing a retirement plan. On the economic constraint side, if they are high, student loans limit individual spending and investment, which can slow down overall economic growth. Altogether, the role of debt is very socially undesirable as students from less privileged backgrounds borrow more and struggle to discharge their obligations. The specific effects also mirror student debt in other spheres of the public service (Mitchell, 2021). Several graduates cannot afford to take low-paying political positions because of their accumulated debts, which affect education, health, and social sector delivery. Analysis of the Current Program and its Goal The PSLF Program was established and meant to help eliminate student loans for those who work in public services (Lynch, et al., 2018). Generally, applicants for PSLF can only have their loans forgiven once they have made 120 qualifying monthly payments on their Direct Loans while working full-time for a qualifying employer, including government organizations and not-for-profit organizations, among other entities. Any payments made under one of the federal government’s income-driven repayment plans must be made. The basic framework of the PSLF is made up of loan servicers and the United States Department of Education. Private collection agencies handle the loan, collect payments, and help the borrowers apply for forgiveness (Federal Student Aid, 2018). The principal objective of the PSLF is to ensure that people stay hired in full-time employment as public servants by providing an even greater incentive for them—forgiveness of their loans (Miller et al., 2021). Besides ensuring that specific public sectors need to retain a constant stream of professional workforce, this objective is designed to help alleviate not only the financial burden faced by the public but also the individual. Principles and Values of the Policy and Program Bases of Social Allocation The Public Student Loan Forgiveness program has a social premise of forgiveness based on federal student loans for public service employees. The eligibility criteria are stringent: beneficiaries must have made 120 regular monthly payments in full on their Direct Loans when employed full-time in a government branch, non-profit organization or any other employer as may be recognized by the Department of Education (Fox & Berkman-Breen 2022). It also ...