Conniving Campus Credit Essay

Throughout the extract, “Strapped,” author Tamara Draut notes why today’s young adults have complications getting financially ahead. Along with student-loan debt, today’s college students may also leave with the burden of credit card debt. Draut argues that college campuses aren’t sufficiently regulating card companies on campus, therefore putting their students at risk for debt.

The later idea suggests that one of the major conflicts associated with credit card debt among college students is because of the relaxed view taken on credit. To illustrate, “83% of college undergraduate students in the US have credit cards…”(Wang & Xiao, 2009) exemplifying the potential danger of accruing debt by signing up for so manu credit cards. Furthermore, with increased costs of education, universities find it is acceptable for students to pay for tuition by credit card. In certain circumstances, credit cards have become a quick remedy and students are forced to supplement income to pay for education and other necessities and as a result perpetuate the debt issue.

To many high school students, college seems like a far away land, a mysterious place where everyone wants to be yet not many know how to get there. As children, our parents tell us how much time we have to think about college, and that it is too far down the line to think about. The truth is it is never too early to think about your future. I, like many people, put little thought into my future career and now am lost in an unfortunate mix of indecision and anxiety. Not knowing where you want to be in the future is a hard burden to bear. Many of us tend to find out that we only know what we do not want, not what we actually do want. Do we want to be poor? Absolutely not. Do we want a boring job? Of course we don’t. We all want our

When we think about college and a college education, it seems as though our first initial thought is the student loans and debt that can result in achieving a college degree. Looking back, student debt has risen drastically and has made it extremely stressful for students and families. Many people go through their entire life in debt, especially from being a student. Student debt has always existed; however, now, it is so extreme, almost all students who attend college find themselves deep in debt, and must continue paying off their debt many years after they graduate. For the past two decades, student debt has risen, illustrating how big this social problem has become. The reason student debt is a significant social problem is because of how much it can effect a person’s life, and their families lives, that can carry over to their future. Although there were many things that led up to and impacted the drastic student debt that is now being faced by many students around the world, the corporation Sallie Mae, was the essential factor in why student debt has skyrocketed to unreasonable proportions. Sallie Mae provided the first type of corporation that changed its focus from helping students, to helping themselves. The history and scope of the student debt can help us understand that the corporation, Sallie Mae, was the main cause of this problem.

I owe $40,000, I owe $60,000, I owe $100,000. Isn’t that a lot of money for one person to owe? Graduates have been faced with a serious problem brought about by the constant borrowing of money to gain a reputable education. The debt of loans varies from person to person but the extreme amounts that individuals owe is something the media finds worth gossiping about. Little does the public know, in reality, all the commotion and conversation about these debts are not accountable for the majority of college borrowers. According to A Lifetime of Student Debt? Not Likely by Robin Wilson, she intrigues her targeted college audience by giving examples and providing

Here in the United States, there are many forms of consumer 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 second 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 the housing market that helped to spark the last recession was only $1.3 trillion (Grisales). Due to the increased amount of debt required by students to attend college many students are feeling the wrath. According to the U.S. Census Bureau, “In 2014, 11.7 percent of females and 17.7 percent of males between the ages 25 and 34 were living with their parents” (Grisales). The fear of obtaining massive amounts of debt is driving the current generation of student’s to put off many future hopes and dreams. While causing them to move back home to save money. The current student loan crisis is crippling the economy and ruining the lives of American students.

As of 2016, the average college graduate owes thirty-seven thousand dollars in loans (Glum). As a whole, Americans owe a grand total of 1.3 trillion dollars. These are figures that grow every year, and worse, the number of people who are defaulting on their payments grows as well. The issue of the student loan crisis is serious, which is why potential solutions are now being discussed. Presidential candidates for the election of 2016 have discussed solutions that range from Hillary Clinton’s debt-free college plan to Bernie Sanders’ free tuition plan funded by taxing Wall Street, while numerous scholars and business intellectuals have suggested amending the bankruptcy code to allow for discharging student loans as a solution to the crisis (Josuweit). In this essay, I will primarily discuss the numerous but limited ways amending the bankruptcy code can alleviate the crisis, and then I will offer alternate solutions to supplement the aforementioned solution.

Student debt is becoming a big issue that is affecting many individuals in the United States, some having to decide between going to school or being in debt for years after they have finished their education. Most people want to have a great paying career and need to go to school for many years but do not have the financial means to pay for college or qualify for financial aid, seeking other options to get their education such as applying for student loans or credit cards. College students should not be worried about how much debt is being accumulated and how it can affect them in their future. This paper will examine the possible solutions to student debt such as student forgiveness, allowing bankruptcy, or eliminating private lending agencies. Having these options will help students with a good paying career from living paycheck to paycheck and become more financially stable.

Kevin Carey’s goal for writing this essay was to reach out to college/university faculty, and Student Affair professionals to call to their attention the crushing problem of students loans and debt and emphasize the need for income-based loans in favor to the system that is now in place that causes students to fall further into debt due to high

Not Likely,” goes upon shedding light on to explaining how students end up with the debt that they have. Wilson’s piece goes on to enlighten a situation that people tend not fully to understand. To make her point across she uses different examples of how money tend to add up against individuals attend college and uses the word borrow and make reference to student loans quite often throughout her article. At what appears to be an epidemic sweeping the nation, Wilson points out a number of articles going about saying the there is a disaster of financial storms, which are consuming students who attend colleges, and who use titles like “The Student Loan Scam: The Most Oppressive Debt in U.S. History and How We Can Fight Back” (256-257). She goes on to use an example that stating the majority of students who have debt listed against their name owe no more than a reasonable priced vehicle. Wilson also states in her writings that some borrow money for more than their schooling even cost and will even reach double the amount of what ones schooling actually cost. Any person that is responsible with money should know not to over borrow especially when it is double what something

As many would be led to believe, student debt affects the vast majority of young people in this country. According to Daniels, seventy percent of students who have recently graduated are now considered to be under the category of borrowers (2015). In relation to the population, that is a total of forty million people (Daniels, 2015). Unfortunately, many of these students are reaching the point of possibly defaulting on the loans they have accumulated (Daniels, 2015). Although students are now being educated about being very careful when taking out loans, many do not have a choice. Student debt seems like a nonstop revolving door for us young people. The sum of the student loan debt that the population of forty million Americans has is a total of $1.2 trillion in college debt (Student-loan debacle, 2014).

In the United States today, the number of students graduating college with student loan debt is quite astonishing. In the article titled, “How the $1.2 Trillion College Debt Crisis Is Crippling Students, Parents And The Economy”, we will examine and break down the student loan debt crisis by the numbers. Today, almost two-third’s of students graduating college are graduating with an average of $26,000 in debt. For most students, $26,000 is a lot of money when the average annual income for a first year graduate is only in the mid $40,000 a year range. According to the Consumer Financial Protection Bureau, student loan debt has reached a new milestone, crossing the $1.2 trillion mark (Denhart, 2013, Introduction, par. 2). With student loan debt levels

First, we must blame ourselves for letting this debt build up. It’s so easy to just say “charge it” and deal with the money later. It’s so much more convenient to use a credit card then using our cash. In the April 2005 issue of University Wire, Dr. James Roberts conducted a study about the spending habits of students around the country. He found that students who used credit cards to pay for their books weren’t able to tell within $30, $40, or even $50 dollars of how much they spent compared to the students who used cash and were able to tell within a few dollars how much they

Whilst a critical part of consumer spending, credit card companies are constantly accused of malicious legal contracts and schemes to increase profits. Without heavy regulation, these companies have the power to bankrupt millions of Americans that rely on credit cards in their daily lives. However, after the introduction of The Credit Card Act of 2009, these accusations represent an inability to accept responsibility for financial blunders on the consumer’s behalf. Due largely in part to the government’s strict regulations, credit card companies should not be at fault for the student credit card debt crisis. Credit card companies remain blameless for student credit card debt as a result of

Students are graduating with an enormous amount to debt. This is a perfect reason to stop marketing credit cards on college campuses. The average outstanding balance on graduate student credit cards is $8,612, an increase of 10% from the 2003 average of $7,831 (Nellie Mae, 2007). This shows the trend that students are graduating with more debt than just their student loans. Students should not be worrying about any other debt after graduating. With credit card companies preying on students on campus, students will get these credit cards and ruin their financial future after college. Students which are 4 year undergraduates that borrow to pay their education, graduate with an average debt of $24,651 according to The Smart Student Guide to Financial Aid on www.finaid.org. That total with the average credit card debt equals $33,263, which is double the annual income of a minimum wage worker in the state of Maryland. Students will more than likely make less money a year than the total amount of debt they accumulate in college. Why then have credit card companies on campus dimming the potential light these students