Student Loan Debt Is A Controversial Topic For Young Adults

987 Words4 Pages
Student loan debt is a controversial topic for young adults. Many high school students and young adults are afraid of entering college, in fear of being under huge amounts of debt. Although there are programs to help them tackle these debts, some students still find it hard to live comfortably and are struggling to get by. Student loan debt negatively affects many young adults who are finding it hard to overcome, and even though there are programs for student loan forgiveness, the local economy continues to struggle. Student debt affects the economy, more specifically mortgage rates. Student loans have risen to 11.3% while mortgage rates dropped 3.1%. Barbara O’Neill, a specialist in financial resources management for Rutgers University…show more content…
explains, “Student debt is approximately $1.2 trillion in the U.S..” It also shows nearly half (49 percent) of the individuals who responded have more than $30,000 in student loans. Other findings from this survey show, that 20 percent of respondents show they cannot get a loan for other items, are unable to purchase a home, and student loan debt negatively impacts their credit.18 percent of individuals show they are living paycheck to paycheck and “drowning” in debt, and have a large debt load. Another 13 percent show they have a lower quality of life and are unable to afford the extra things. Finally, 12 percent show they are unable to save for their retirement or their children’s education and feel less secure. Students who are in debt often pay through their credit card, leading them to be in debt for that as well. With all these problems caused by student debt, it can cause toll on the student’s physical and mental health. Northwestern University published a 2013 study, which found that higher levels of debt caused problematic health issues. Higher levels of stress, depression, and poorer general health are affecting the students. Students can also have raised blood pressure, which can increase the risk of hypertension and stroke. It’s no doubt student debt is a huge problem for many reasons, but there are several programs that would help clear away debt. One program, for example is Obama’s Student Loan Forgiveness Plan. There are five
Open Document