States With the Longest Coastlines

Student Debt Crisis And Its Effects On The Economy

student debt crisis has reached an all time high with debt reaching a total of 1.3 trillion dollars across the United States.With tuition cost increasing,lack of scholarships and unpaid back loans,student debt will continue to increase even higher.The enormous amount of debt put upon each student creates the inability of those students to help the economy grow.Our economy as we know it is a loop and decreasing the student debt significantly will help the economy grow.Instead of putting that money towards the government where it won t be used to help decrease the student debt as we can see by the total debt, it should go to the community, such as purchasing homes,cars,consumer goods,sales tax which will help improve the economy even more.Crippling student debt is stifling the growth of the U.S. economy because it inhibits graduates from being able to spend money on consumer goods and home purchases. To alleviate this, lenders should be required to forgive student loans in cases where students are unable to repay their debts,decrease a cost of attendance,and increase scholarship opportunities from universities.Doing so would benefit the growth of the economy by increasing tax revenues, unfreezing credit markets, and creating jobs. Pineda 2 Students on average have more than 25000 dollars in student loan debt they have to pay back because of this debt; The incredible amount of debt creates issues of students struggling to pay that money back.In order for studentsShow MoreRelatedStudent Debt Crisis And Its Effects On The Economy Of The United States1828 Words   |  8 PagesOver the decades, as the number of students seeking higher education has continued to increase, so has the cost of education and the amount of student debts in the United States (US). This has raised controversy whether the rapidly increasing student debts in the US can lead to another crisis commonly referred to as the ‘higher education bubble.’ More often than not the extent of the student debt crisis is usually overstated, but the concern is justified (Freedman, 2014). The manner in which theRead MoreStudent Loan Crisis Is A Crisis870 Words   |  4 Pagesthousand dollars in student loans. (Johnson, â€Å"Student Loans†) There is currently a debate about whether or not student loans are a crisis or if this crisis is just a myth. In the article, â€Å"Here’s Your Crisis: Student Loan Debt Isn’t A Myth,† it describes how student loans are a huge crisis, and the article, â€Å"The Myth of the Student Loan Crisis† is about how college students’ loans do not amount to a crisis. The student loan crisis is a legitimate problem, not a myth. College students do not realize theRead MoreStudent Loan Crisis1592 Words   |  7 PagesStudent Loan Crisis Beginning in the 1960’s the distribution of federal and non-profit funds have given students all over the United States the opportunity to pursue post-secondary educations. Although this method has given students the ability to go to college financially, the majority of the students are not able to pay the money back when finished causing debt. Currently students in the United States owe more than $1 trillion dollars worth of federal and private student loans. Surprisingly thisRead MoreHow The Student Loan Debt Crisis Is Undermining Economic And Social Progress Of American Graduates1635 Words   |  7 PagesHow the Student Loan Debt Crisis Is Undermining the Economic and Social progress of American Graduates Currently, higher education is highly valued as a step in achieving success and earnings potential, but attaining a degree comes at a high cost. Although a very valued asset, the cost to attain a college degree for most students includes getting loans, grants from the government, and sometimes even private loans. Most of these loans come at a high price for students as the interest structure forRead MoreStudent Loan Debt Crisis Essay1214 Words   |  5 PagesStudent Loan Debt Crisis What do you think of when you hear the words college graduate? Well, in most scenarios, these words would be exciting to someone that just graduated college who have put in years of hard work and dedication to better educate and promote themselves for their future careers. Sadly enough, this is too far common not the case. In today’s society, students are graduating college with piles of debt at an alarming rate. With a troubled economy that is recovering from a recessionRead MoreSolving The Student Debt Crisis Essay1609 Words   |  7 PagesThe student debt crisis has reached an all time high with debt reaching a total of 1.3 trillion dollars across the United States.With tuition cost increasing,lack of scholarships and an increase of government loans,student debt will continue to increase.The enormous amount of debt put upon each student creates the inability of those students to help the economy grow.Our economy as we know it is in shambles and decreasing the student debt significantly will help the economy grow.Instead of debt owersRead MoreThe Financial Crisis Of 20081326 Words   |  6 Pagesbut still keeping guarantees in place for the banks. After the financial crisis of 2008, President Obama completely eliminated the middleman and fully implemented direct student loans (Kingkade). Although this stopped large banks from profiting off of government backed loans, it still didn’t reduce the supply of loans or the ease of obtaining them. Availability of Credit As tuition has been on the steady rise, student debt to finance the education has been increasing exponentially. As stated aboveRead MoreGetting into Debt for a College Education1385 Words   |  6 PagesAn estimated 20 million Americans attend college each year, and 60% of those students borrow annually to pay for it (qtd. in asa.org, â€Å"Student Loan Debt Statistics†). Moreover, citizens continuing to pay off debt after schooling brings the overall number of student-loan-borrowers to about 40 million- with a collective 1 trillion dollars in debt (McCarthy, â€Å"10 Fun Facts About the Student Debt Crisis); a fourth of these borrowers owe over $28,000, a tenth owe over $54,000, 3.1% owe more than $100,000Read MoreThe Debt Of Student Loan Debt1168 Words   |  5 Pagesconsumer debt, which help contribute to the large sums of debt countless Americans find themselves faced with. Directly effecting many college students is student loan debt. Student loan debt is now the seco nd largest form of consumer debt behind housing† declares the Federal Reserve Bank of New York (Grisales). This is due to the fact that student loan debt grew 7.1% in 2014 to $1.2 trillion (Grisales). If this statistic alone is not worrisome this next one is sure to be. The amount of debt in theRead MoreMiddle And Working Class Family s Depend On Student Loans Essay1546 Words   |  7 Pages Initial Draft Student Loan Debts Terri Gray Chamberlain college of Nursing â€Æ' Prewriting Assignment What is your narrowed topic? Middle and working class family’s depend on student loans. Loans are the only way to an education for many families not only here in the USA. Also I find it interesting that most minority families do not understand the cost of education. Student loans are aver political issue and many polices and laws have been put in place for people to have access to education yet

Recent Amendments to the Model Arbitration Law

Question: Discuss about the Recent Amendments to the Model Arbitration Law. Answer: Introduction Arbitration practice dates back to 1697 in England. In its actual meaning, arbitration is the alternative jurisdiction to federal courts which are specifically established by the State to apply and uphold the law and determine all forms of dispute.[1] In 1919, there was an establishment of International Chamber of Commerce (the ICC). From then, an increased demand for enforcement of trade agreements and international recognitions of ICC led to the birth of New York Convention (NYC) in 1958. Later in early 1974, under the supervision of the United Nations, the United Nations Commission on International Trade Law (UNICTRAL) prepared the arbitration rules. With this in the mind, (UNICTRAL) was then specifically designed to apply to International arbitration.[2] Recent Significant Changes The latest 2010 UNCITRAL Arbitration Laws and Rules started operating on 15th of August 2010. These changes also apply to all arbitration disputes and agreements finalized after that date. All of these reflect the growth of international commercial arbitrated disputes of the past. Article 1(1): Unlike the 1976 version, the new changes in 2010 dont necessarily require the parties seeking arbitration to be parties to a contract. It also removed the restriction to a written agreement as a requirement for any arbitrated case. Article 2: There is no longer need to deliver a notice physically. Now notices delivered electronically. Article 4: This article provides that the respondent should respond to the arbitration notice of within 30 days of receipt of the notice. That addition gives a room for a respondent to file a claim concerning the other party if the respondent deems it fit. Article 6: The 1976 rules provided the parties with 60 days to appoint the authorities, but the 2010 rules provide for 30 days. Article 10: Before then, the 1976 Rules didnt provide for the appointment of a three-arbitrator tribunal. Fortunately, the 2010 rules allow three arbitrators for multi-party circumstances. Article 16: In this article, there is an addition to provide for an exclusion of liability on the side of arbitrators in addition to the choosing authority. Article 17(1) necessitates the tribunal to carry out the proceedings to minimize unnecessary delays and expense. Article 17(2) there is an introduction of a timetable to the tribunals. Article 17(5) Permits a third party or a joinder at the call from any party. Article 26: Unlike 1976 which never had any precise provisions for the possibility of interim measures, 2010 provides sufficient clarity concerning them. Article 29(2): The appointed tribunal-experts must prove their qualifications and impartiality. From then, the parties have the right to choose or reject them. This part is not available in 1976 rules. Article 34(5): this article allows the parties to choose whether they want an award to be made public or not by giving their consents. Article 41(4): the tribunal is supposed to clarify on their fees and expenditures. Plus the parties may seek the assistance of the PCA or the appointing authority reviewing the calculations. The Law Governing the Contract Lord Simonds explained it as the system of law by reference to which the contract was made or that with which the transaction has its closest and most real connection.[3] In other words, the law that governs the substance or the cause of the conflict is the same law or rules that govern the contract that creates the dispute. So after choosing the applicable law, all the parties, and the arbitrators are supposed to apply that law as the governing law.[4] Juridical Seat The judicial seat or the arbitral seat is the nation where the international arbitration has its legal domicile or its statutory home.[5] With this interpretation, the judicial seat refers to the legal place chosen as opposed to a geographical setting. These place of arbitration doesnt have to be strict or limit the arbitral process to the boundaries of a particular country. So the arbitration board can meet, talk, hear, or see the evidence without the panel limiting itself within the state of its seat.[6] Procedural Law In defining procedural law, there is a need to distinct between the provisions of the law concerned with arbitration (the lex ar-bitri) and procedural rules that would need to be applied to reach the fair proceedings. ICC just gives an overall framework similar to the UNCITRAL Arbitration Rules. However, the parties need to supplement these rules. Considerably, its the reason the parties are free to choose some rules or else the arbitrators can choose where there is no choice.[7] After choosing and settling on the rules, such rules would be applied as the applicable procedural law to the cause of the dispute.[8] Conclusion Whenever parties to a dispute choose to go for arbitration, they except themselves from the huge cost of law suits, and also save themselves the time that they would have wasted in court. There is a need for parties to always seek alternative dispute resolutions before going to the court. Bibliography Bonython v The Commonwealth [1950] UKPCHCA 3; 81 CLR 486; [1951] AC 201 Gautami T S, International Institutions And Dispute Settlement: The Case Of Icsid [2010] Charles M, International Arbitration:The Key Elements 39 Essex Street [2004] Jones D, A Guide To International Arbitration' [2012] UNCITRAL Arbitration Rule (as revised in 2010) Art 35 Yas B, The Law Applicable in Investment Treaty Arbitration [2009] Gary Born, international commercial arbitration (Kluwer Law international, 2nd Ed, 2014) UNCITRAL Arbitration Rule (as revised in 2010) Art 18