Student Loan Debt Is The Biggest Economic Crisis Or Threat?

1755 WordsFeb 4, 20168 Pages
The class of 2015 is the most indebted out of any of the classes ever graduated. According to the Consumer Financial Protection Bureau, student loan debt has reached a new milestone, crossing the $1.2 trillion mark — $1 trillion of that in federal student loan debt. Since 1993, the trend keeps getting higher and higher every year. Student loan debts has been showing a crippling effect on the economy as the debt gets deeper. Student loan debt is known to be the biggest economic crisis or threat. Although you might have not have any student loans, his huge debt could still impact your financial well being. This debt of student loans drastically endangers the economy. Throughout the United States, student loans have been show to drag this economy down. Student loans have been a big problem through many of the years. It has been showing a trend and it is raising and exceeding many of the debt types each year. Many problems that students that have loans cause are, “ 20 percent of respondents indicated 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 indicated they are living paycheck to paycheck, “drowning” in debt, and have a large debt load. 13 percent indicated they have a lower quality of life and are unable to afford the extra things. 12 percent indicated they are unable to save for their retirement or their children’s education and feel less secure.” Students that have
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