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Student Debt And Its Effect On Education Essay

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As tuition has increased over the last decades, loans have become the main source of financing for students looking into higher education. As a direct result of these loans, a majority of students graduate from college with thousands of dollars of debt waiting to be paid off. Culturally, student debt is seen by society as an acceptable means to reach college, and in turn a doorway to high paying jobs. Therefore, American students often take loans without thinking of the burden of paying them back. Over the past decade, the total student debt has escalated from $240 billion to more than $1 trillion dollars (Federal Reserve). This severe rise in the student loan debt has brought attention to the issue, making it a main discussion topic in politics, media and by researchers. Many people in today’s society believe that a college education is a necessity, however as more and more students struggle to pay back their debt, it is beginning to sound questionable.
The importance of higher education in America is a relatively new development. It began in 1944, after World War II, with the G.I Bill. This encouraged millions to get a college education, as it allowed veterans to attend college for free or for a minimal price. It was successful as most veterans were attending college in the subsequent years. As a response to the Soviet Union’s advancements, the US government started offering (for the first time) federal student loans in 1958 to remove the perception that the country was
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