Student Loan Debt Of The United States

1746 WordsDec 3, 20157 Pages
Introduction Eighty thousand dollars. Also expressed as $80,000. That is a lot of money. Most of us would really like to make that in our annual salaries or would like to win that amount in the lottery. What was bought with this $80,000? Not a car or two, not a house or even a home equity to improve one’s house, and not having a child. This $80,000 is the amount paid for tuition for one’s college degree(s). Compared to other countries, student loan debt in the United States is skyrocketing due to over-inflated tuition costs, dismal grant/scholarships availability and lack of beneficial repayment programs. Body Student loans are becoming an increasingly heavy burden for their borrowers in the United States. In a personal interview conducted on October 20th, 2015, a close personal friend, Cory Hays, and the sister of the author, Melissa Korpela, were interviewed regarding their student loan debts and status of re-payment. Hays has $80,000 in student loans, but cannot pay them back because he was unable to find a position in his field, kinesiology (Hays, 2015). To make ends meet he works as a server and works less than full-time and also has a second job being a caretaker for the building he lives, which provides a small salary and a reduction in his rent (Hays, 2015). As such he is able to be in forbearance until such time that he can get full-time employment (Hays, 2015). Also, the author’s sister has $65,000 in student loans for her bachelor’s level teaching degree
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