Pros And Cons Of Student Debt

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

Today, the number of people who have borrowed money to pay their expenses for college, has been rising. In addition, colleges have been increasing the amount charged on students who receive an education. An article states that “tuition is increasing at a rate double that of inflation”, for this reason, the amount of money a student has to pay back has been increasing (Webley). According to the article “Even if you don't have student loans, you should want them to be forgiven”, the author, Lisa Schmeiser, states that “Approximately 44 million people in the U.S. have borrowed for student loans... debt standing at approximately $1.3 trillion today”.

The United States needs to look to other nations that have figured out the necessity of higher education to be at an affordable cost if not free. In 2015, college graduates are facing on average just north of $35,000 in student debt (Berman). In part, the government has reduced the federal funding that each college receives each year. Therefore, colleges have constantly raised the

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

An estimated 20 million Americans attend college each year, and 60% of those students borrow annually to pay for it (qtd. in asa.org, “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, “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 $100,000, “and 0.45 percent of borrowers, or 167,000 people, owe more than $200,000” (Haughwout, “Grading Student Loans”). While some view this predicament as the result of laziness or carelessness, the bulk of this substantial group are not at fault.

These fraught students display the future, and it’s not looking too bright. With higher education becoming a progressively distant dream for the average American, heftier loads will be landed upon those who can scarcely afford to reach their aspirations. These students are not simple figures on a statistical report, but they are young people at a point in their lives where they must be aided on the basics and essentials of financial lingo and repayment plans (Rajan, 2014). The liability imposed on the current generation can only be noted as atrocious and sleazy, obstructing any economic growth that might’ve been projected before realizing the trap they have fallen into. Worsening as we speak, The New America Foundation has declared that debt

Over the last several decades, rising tuition rates and changes in federal and state policies, an increasing number of students are turning to college student loans. As a result of these changes in prices and policies, the percentage of undergraduates borrowing has increased from 37.8% to 46.2% for public 4-year institutions and from 48.5% to 58.9% for private institutions. According to one estimate, student loan debt has reached $1 trillion dollars, surpassing credit card debt (Reynolds and Brandon). Most recently, another report estimated that two-thirds of college graduates in 2011 had an average loan debt of $26,600, which is an increase of 5% from the previous year (Chen and Wiederspan). There are numerous factors involved in the

College Students are exiting college with empty pockets. In the year 2015 the average amount of debt students are graduating with is about thirty thousand dollars. The average amount has been on a constant incline and continues to grow by about four percent every year. According to author Katie Lobosco “Colleges are not required by law to report how much debt their students carry, so some don't respond.” (1) so the average amount of student debt is inaccurate. It is likely that the average amount of debt per student exceeds thirty thousand by quite a bit. Billions of dollars in student loan debt goes un recorded which will in turn effect the nation directly.

Good afternoon, 21 million students attended college in the fall of 2014 ("Back to School Statistics"). The total student debt in America is 1 trillion dollars, the majority held by members of the middle class ("Back to School Statistics") (Carrns). Student debt is negatively affecting the economy by encumbering the middle class with absurd financial burden thus widening the wealth gap and decreasing social mobility. America should pursue redefining education through lowering the cost of college and reevaluating social stigmas attached to states schools or community colleges.

A financial aid website Edvisors reported that the class of 2015 left school with the highest debt level in history. The average student started their careers with $35,051 in student debt. The debt level is clearly on the rise, as the average student in 2012, left school with outstanding debt of $24,301. According to XX, over 10% of borrowers have over $58,000 in debt. Furthermore, the worrying fact is that one in four borrowers end up either in delinquency or default on the

Debt is at an all-time high in America and is not slowing down any time soon. One of the biggest problems students face coming out of high school is debt. From credit card companies urging them to buy to trying to figure out if college is worth the price, young adults can easily fall into a debt trap. I came from a middle class family and had to make the decision to go into debt to pay for college or not go to college at all. I choose to go into debt and although I will receive a degree when I graduate I was not properly educated on exactly how much money I was borrowing and what that actually meant.

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

Debt, the financial fall in which you intend to save yourself from. Navigating a way forward without falling into any pitfalls, is worth trying. The world of credit is a maze, waiting to be solved. Only a few has passed and many have failed. Debt is a “liability or obligation to pay or render something”(dictionary). In order to figure out this credit maze, we must first have an understanding of what credit is. The only way to get into this debt is from not being aware of credit. Credit is “the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future”(dictionary). This credit maze has many different situations that you may encounter with such as student loans. This student debt

Most American students desire to have a successful financial life by earning a college degree. Many students realize they can not afford a college education and look to student loans. Unfortunately, the majority of college graduates are unable to find a job in their field so, and they fail to pay the money back on student loans. The question that everyone wants to know is,“ How do we fix the ever-growing student debt crisis? That’s the $ 1.3 trillion question looming over the United States, and there’s no clear answer--or even much of a consensus” (Mcgrath, Forbes). Student loan debt has become a growing crisis because of the ailing economy, high-interest rates, and the overall impact of student loans on a student’s financial future.

Education is a portal into a new world; one that is far more advanced than those who go without it. While achieving a higher education is hard work, it’s becoming a necessity as generations go on. Today, many people who live without a higher education are working minimum wage jobs. With our always-rising inflation rates, living on a minimum wage job is nearly impossible, especially if you want to start a family. Achieving an education is worthwhile in the long run – even if it seems too stressful and expensive at the time. Of course, you’ll have to live with the burden of college debt for a few years of your life, but living with only a few years of debt is better than trying to scrape by for the rest of your life. Attaining any type of education