Student Debt Is A Major Issue

As it is, there is about $1 trillion in college debt in America. A Philadelphia Enquirer article warns that, “The average debt owed per person is $25,000 -- the highest level of student debt in the nation's history,” and that the number is increased by tens of thousands of dollars for those who go on to get higher degrees. $25,000 is a lot but the reality is that a lot of people have even more than that. For example, what if someone goes to an expensive private college and their tuition is anywhere between 30 and 70 thousand per year. In total they could be paying between 120 and 240 thousand dollars per year. The majority of the country is most likely unable to easily pay for that and could end up with extensive amounts of debt just because they went to the college that they wanted to. Student’s education shouldn’t be compromised just because the school they want to go to has a high tuition. Alarmingly, “Study after study has shown the number one barrier to attending college is the published rate of tuition.”(Lowe) The amount of student debt as a result of a school’s high tuition should decide where people should go to school. If tuition is decreased then simultaneously, student debt would be as well.

“Ensuring quality higher education is one of the most important things we can do for our future generations” (Ron Lewis). There are more students enrolling in post-secondary schools than ever before and consequently there are more students acquiring large debts. Once a student graduates, they enter a $33,000 or more student loan debt (Students Loan Resources). These student loans continue to place graduates into large debts, which is largely caused by their lack of knowledge of available resources, and this impacts their everyday lives and future generations.

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

An education is one of the most important tools a person can acquire. It gives them the skills and abilities to obtain a job, earn a wage, and then use that wage to better their lives and the lives of their loved ones. However, due to the seemingly exponential increase in the costs of obtaining a college degree, students are either being driven away entirely from earning a degree or taking out student loans which cripple their financial prospects well after graduation. Without question, the increasing national student loan debt is one of the most pressing economic issues the United States is dealing with, as students who are debt ridden are not able to consume and invest in the economy. Therefore, many politicians and students are calling

With the ever-increasing tuition and ever-tighten federal student aid, the number of students relying on student loan to fund a college education hits a historical peak. According to a survey conducted by an independent and nonprofit organization, two-thirds of college seniors graduated with loans in 2010, and each of them carried an average of $25,250 in debt. (Reed et. al., par. 2). My research question will focus on the profound effect of education debt on American college graduates’ lives, and my thesis statement will concentrate on the view that the education policymakers should improve financial aid programs and minimize the risks and adverse consequences of student loan borrowing.

Financial support has played an important role for college students, especially for university students, whose family could not support their education after they have graduated from high school. Due to this situation, students have to go through a lot of problems with their tuition fees to be able to continue with their education. They always need a large amount of money besides paying for the tuition but also for living, and students have to go through a lot of problems with their tuition fees in order to be able to finish their career on time and earn a better living in the future. Some students will choose to go to work part time while at school, so they can pay for their fees and their own expense, such as gas, foods, and clothing. On the other hand, most of students will choose to take out loans from somewhere else, such as the bank or federal loans. This way, students who choose to take out a loan could focus on their education without worrying about how to pay for their fees. It is very important for students to acknowledges and be aware of the different types of student loans, and all the requirements before students decide to obtain a loan. Because of the raise in tuition leads to the existence of the student loan debt is a burden that is a financial impact on lifestyle changes, such as postpone couples to get married, to have children, to buy a house and to save for retirement.

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.

Student loan debt is the second leading component of American consumer debt. Student loans can be seen as a challenge that has to be overcome, on top of college itself. This is an opportunity for college students or former college students to show their responsibility. It is the responsibility of the student to find some way to pay this debt. This situation should not be the taxpayers’ problem. Student loan debt is a problem that does not always have an easy solution for the debtor.

Student loans are becoming more and more of a problem for college students all across the United States. As college tuition has significantly increased over the past years, it has become extremely common for most college students to finance their education through student loans. Tuition has become so expensive that it is almost unheard of for a student to pay for their tuition out of pocket or by working for their education part time. As the result of tuition being so high, many students often graduate from college with thousands of dollars in debt waiting to be paid off. More often than not, people do not think of the consequences of taking out so many student loans, they usually have some reasoning behind why they take out as many student loans as they do and in return do not think about the after-effects and consequences of borrowing that much money. Most people do not worry about their loans because they expect to make a decent salary after graduating and believe that they will be able to pay back all of the loans later on in life. Due to the extreme cost of college and students obligation to take out student loans, college campuses should require students to become aware of the dangers of pulling more student loans than necessary.

In the U.S. students are encouraged to earn a college degree, but the cost of an education turns many away. “Driven by the allure of a decent salary with a college degree, Americans borrowed to go to school. Outstanding student debt doubled from 2005 to 2010, and by 2012 total student debt in the U.S. economy surpassed $1 trillion” (Mian, Sufi 167). There are plenty of opportunities to obtain funds for college, including one of the most common, student loans. A student loan is defined as “a common way to fund education, specifically college and graduate school, and they provide educational opportunities that you otherwise may not be able to afford” (Barr). Student debt is at an all-time high in America. Over half of all lower income

The problem this debt is that “The cost of higher education is increasing at an alarming rate, particularly at four-year public institutions. According to the College Board (2009), public colleges costs are rising faster than private institutions, and undergraduate students are facing new pressure to pay educational expenses.” (SOLIS DURBAND 1). This can be a real problem for students who choose to take student loans to pay for college

Student loan debt is becoming more and more of a problem as time goes by. Evidentially, it is only its interest fee that student loan debt is becoming known for. According to Student Loan Hero, “Student loan debt is mostly for four-year or graduate degrees (“Student Loan Debt”). Student loan debt does have effects to people’s lives, but only because they allow it to build up from not paying it. Student loan debt is not something people has to live with, but it is what they choose to live with it can be taken away nothing is permanent. Most people do not understand what Student Loan Debt really is, and the confusion it brings in people’s lives need to be distinct; this problem can simply be done by colleges protecting students from going into debt, and loan company’s should allow them eight years after graduation before putting them into debt.

What is a Student Debt Crisis? The student debt has reached to being over $1.3 trillion and keeps on growing. Magdalena Kay the author of “A New Course”, defines this problem as the “Tuition costs are hitting astronomical highs—approaching the average American’s annual salary—and yet students apply to college in massive numbers, apparently undeterred by the prospect of massive debt or the impoverishment of their parents’ bank accounts, or both” (Kay). Student Debt Crisis has reached to being the second largest source of debt in America. While tuition costs are rising every year, the student debt crisis will continue to grow, and even free public colleges will not help fix the issue. Considering on how many people have taken student loans to attend colleges and universities, but never had the opportunity to complete them, and then had a big loan they had to pay off. Magdalena Kay observes, “Society does not change overnight

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

Financial support has played an important role for college students, especially for university students, whose family could not support their education after they have graduated from high school. Due to this situation, students have to go through a lot of problems with their tuition fees to be able to continue with their education. They always need a large amount of money besides paying for the tuition but also for living, and students have to go through a lot of problems with their tuition fees in order to be able to finish their career on time and earn a better living in the future. Some students will choose to go to work part time while at school, so they can pay for their fees and their own expense, such as gas, foods, and clothing. On the other hand, most of students will choose to take out loans from somewhere else, such as the bank or federal loans. This way, students who choose to take out a loan could focus on their education without worrying about how to pay for their fees. It is very important for students to acknowledges and be aware of the different types of student loans, and all the requirements before students decide to obtain a loan. Because of the raise in tuition leads to the existence of the student loan debt is a burden that is a financial impact on lifestyle changes, such as postpone couples to get married, to have children, to buy a house and to save for retirement.