Essay On The Rising Cost Of College And Student Loan Debt

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I think that one of the biggest issues in America is the rising cost of college and the student loan debt problem. College costs are constantly rising ahead of inflation, and the amount of people borrowing money for college is steadily increasing. According to Kelly Holland from CNBC, in 2015 there was over $1.2 trillion in student loan debt out of a total of 40 million borrowers (par. 1). On average, that means each borrower owes $29,000 in student loans (par. 1). When people are in that kind of debt, the economy falters. People are less inclined to invest, buy things, have a family, and even start a business (par. 20-22). The one thing that drives the United States economy is incentives and when people don’t have the incentive to contribute to the economy, the economy suffers.
The one thing that affects everybody in the United States, and the world, is the state of the United States economy. This is an issue that can have an adverse effect on everyone. That’s why this is such a huge
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According to The Rising Cost of College by College Choice, since 1981, the total cost of college has gone up by 500% (2). College tuition has increased faster than inflation and even when state subsidies increased, college costs still increased (2-4). One possible short-term solution to the problem is introducing programs that would help improve financial literacy among students and their parents. By educating students and their parents on how to properly budget, college could seem to be more affordable than previously thought (Holland par. 34). Another solution, based on an article, is making students responsible only for the principle in a loan and making public colleges pay the interest. This would cause colleges to lower their costs since this gives colleges incentives to make college cheaper, because colleges don't want to pay interest on their
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