College Student Debt : Worth It Or Not?

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College Student Debt: Worth It or Not?
Most developed countries regard and guard their education systems since this platform is perceived to have the ability to hold a country together. This is especially so in the USA, where they aim at achieving 60% higher education attainment by 2025 (Cheny and Geoff 10). Such a milestone will not only affect the economy, but also the social aspect in life positively. However, rising costs of education always act as a major barrier for many students whose parents are low-income earners, thus making it unaffordable. This has resulted in a huge credit debt that not only threatens to cripple the financial sector, but also affects the borrowers’ credibility for a long time. As much as education affects the economy in a positive way, college loans may not be the ultimate solution for students to invest in their future. This is because supplementary aspects in the financial sector will be undesirably affected, a move that can render education inoperable since scarcer jobs will be created; consequently, graduates will not have an opening to apply their expertise and knowledge, and contribute to the economy.
Reasons Why College Loans Should be Discouraged
Credit Rating of the Borrower and Debt Defaults. One of the main reasons that scholars have put forward in discouraging students from taking college loans is based on how their credit rating will be affected should they fail to pay. Default risk has been
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