Argumentative Essay On Student Debt

While this is often true, it can create problems when a student does not have the money to pay for a quality education. The cost of college has risen an estimated 250-500% over the last 30 years while consumer price index has only increased by 115 percent during the same time frame (White, 2015; Eskow, 2014). The amount of student loan debt is increasing, along with the cost of college. The income of many young people today cannot keep up with the rising costs of college education and housing. Part of the problem with student loan debt begins when students choose to attend a college that exceeds their financial resources and rely on federal student loans as well as private student loans to make up the difference. Eskow found that even public colleges and universities are becoming difficult to pay for without taking out student loans often averaging $30,000 for tuition, room, and board (2014). Since many people do not have enough money to cover college education expenses, they rely on student loans, both federal and private, to fill the gap. Financial advisor Ramsey stated that often the loans students take out pay “for an off-campus standard of living, and no debt was needed to get the degree” (2013). “The Project on Student Debt reported in 2013 over ⅔ graduating seniors were leaving school with student loans” averaging approximately $28,400 (White, 2015). Taking on almost $30,000 in debt before even starting a career can have a significant impact. It can force people to get a job just to pay off the student loans, not based on what they got an education for prepared for or what they studied. This also can cause a setback in future plans, having to delay many adult milestones due to lack of

Student loan debt has become a discouraging problem throughout today’s economical foundation. “Overall debt is falling but student loan debt is increasing year-over-year and at a much faster rate,” chief executive David Stevens told The Washington Post. “[Young graduates] are already on the margin for being able to qualify for a mortgage. If you add on a

A problem with student loan debt is that students gain more debt because they are not able to pay off the student loans within the given time which also causes them to put certain life decisions on hold. According to Sophie Quinton debt is a problem for the recent college graduates because “There’s currently no way to get rid of federal student debt other than paying off the loans. while some borrowers are paying off their debts just fine, overall they are adding debt faster than they are shedding it”(Quinton). According to Jamaal Abdul-Alim stated that a “survey - titled Student Loan Debt: Who’s Paying the Price?- revealed a number of troubling statistics about the practical ways that student loans are impacting college graduates in their everyday lives. For instance the survey found that: 49

Problems in the student loan market are not just harming students but are also exacerbating problems with the United States’ recovery from the Great Recession. New York Federal Reserve Bank data has found that outstanding student debt topped $1 trillion in the third quarter of 2013, and the share of loans delinquent 90 days or more rose to 11.8 percent. Furthermore, the share of 25-year-old Americans with student debt increased to 43 percent in 2012 from 25 percent in 2003, while the average loan balance rose 91 percent, to $20,326 from $10,649 (Gage and Lorin). More than 40 million Americans are in student loan debt and because of this, more than 40 million Americans are not able to stimulate the economy as they are not able to buy houses or cars, or start businesses or families (Applebaum). In Wisconsin alone, student loan debt has resulted in a loss of over $200 million annually from new car purchases, while also resulting in middle class households with student loan debt overwhelmingly renting homes instead of owning them (Vanegeren).

College students graduate with an average student loan debt of approximately $37000. Of course, that's not the whole story. Millions of college graduates have student loan debts ranging from $50,000 to over $200,000.

After the United States ‘Great Recession’ in 2008, many onlookers have been searching for other aspects of the economy that may eventually present a bubble similar to that of the housing market. It does not take long to locate a potential hazard as the cost of tuition has risen approximately 26% over the course of the last decade (‘Tuition and Fees’). The consequence of this increased tuition is having a negative effect on the future that most graduates try to obtain once they complete school. Some students are required to change their career choices due to the overwhelming debt; examples of this could be they are required to take a higher paying job, even if they do not want to, so they can afford their previous choices (Zhang). Many years ago the notion of being so overwhelming in debt seemed unfathomable; but as student loan debt is estimated at $870 billion to $1 trillion, students’ willingness to acquire debt is strong and has no signs of slowing down (Razaki, Koprowski, Lindberg). The steadily increasing student loan crisis will cripple the United States economy if it goes unchanged.

Americans have amassed more than $1.3 trillion of student loan debt (Clements). A lot of graduates are postponing life events like having kids, buying a house, to deal with the debt. About 14% of student are in default. Default means failing to make payments on your loan as scheduled. Defaults usually results in larger loan balances. With this upcoming election, it 's crucial for candidates to address student loan debt and their solutions. As a potential voter, it’s important I select the candidate that will benefits me and get rid of my loan debt.

Along with the average tuition increasing, so has the average income of Americans. In order to afford college tuition, student loans, financial aid, and scholarships come in handy for the time being. Unfortunately, American’s who have finished college still have a load of debt to pay off for many years after graduating. Americans are spending money they don 't have to finance educations they are not sure are worth it. In some cases, students who find jobs right out of high school are left without college debt, but also without a degree. On the other hand, many people who attend college have large college debts yet have a decent

Because of the nation’s national rising debt, student loan forgiveness has been a significant topic of debate because of how much it can affect our nation’s debt and doesn’t always help the student. Student loan debt is one of the highest debt causes, but sometimes we forget that we are the ones that sign the line on the contract to be in years of debt. This is because we value our education. But this does not mean that just because we can’t find an amazing, high paying job right out of college that we should have our loans forgiven. We want the easy way out of something that isn’t easy, so why should the government pay for our debt? Yes, college is very expensive and that is the governments fault, but again we are the ones that signed the line on the loan papers. (Sam Adolphsen, 583)

Student debt forgiveness is not the answer, for it is the cost that is the issue that needs to be addressed. As Robert Applebaum states in his short essay mentioned in the article “Student Loans: Should Some Indebtedness Be Forgiven?” tuition rates are increasing at ridiculous rates because colleges somehow feel that because the government makes it easy to get a loan it justifies their rising tuition costs (466). Instead of arguing for student loan forgiveness, perhaps protesters should refocus their attention at the paramount reason for needing student loans in the first place.

However, experts believe that hardline conservatives in the House and Senate will block any attempt by President Trump and his administration to fully implement any student loan debt forgiveness. Some feel that President Trump’s stance

In the year 2007, 18.2 million students enrolled into college. About thirty-nine percent of those students were between the ages of eighteen to twenty-four (Marcus). College is seen as something one must do to be able to have a successful life or career. Student debt is almost guaranteed for anyone that goes into college. Seventy percent of bachelor's degree recipients graduate with student debt. Student loans in just the U.S. alone are up to 1.2 trillion dollars, this is the second highest level of consumer debt, just trailing behind mortgages (Snyder). Student debt has been an issue for anyone thinking about going into, that is attending, and graduating or leaving college. How to solve this issue is very simple, which is to save money, lower

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.

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 recession and jobs difficult to come by for a lot of graduates with bachelor’s degrees, the student loan debt in the United States is bound to be a major crisis that could severely weaken and crimp the economy even more in the coming years.

American students today owe over $1.45 trillion in outstanding student loans and interest rates are near historical lows. As a result, a host of new companies have sprung up over the last few years offering student loan refinancing. Private lenders like Earnest, CommonBond, and the market leader, SoFi, all pitch the benefits of refinancing at lower market-based interest rates. Their TV ads show happy millennial professionals saving over $20,000 by refinancing.