Student Debt Essay

Decent Essays

Tuition and student debt at colleges and universities in America have been rising far more quickly than inflation for over four decades. This is a trend that will continue without intervention. Student debt drastically affects students’ lives and decisions from getting married, to buying home, or to starting a business. The amount of debt held by students after graduating not only negatively affects the individual, but the economy as well. Loads of economic activity is currently halted by students working to pay off their loans. This is a consequential problem and the increasing number of student debt in America must be addressed.
While student debt has been an issue for quite some time, the steady increase annually is alarming. According to MarketWatch, The average amount of debt per student upon graduating in 2015 was $35,051; about $2,000 more than class of 2014 graduates. In comparison, the amount of debt per student in 1993 stood just under $10,000. In a report by the Urban Institute, a Washington, DC-based think tank that carries out economic and social policy research, the quantity of college graduates with more than $40,000 in student loans has increased by almost ten times in eight years. Not only is the amount of debt per student upon graduating steadily increasing, but also the amount of students requiring loans. Currently, the amount of students requiring loans to graduate stands around seventy percent; ten percent higher than class of 1997 graduates. These are

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