The National Student Loan Debt - 1571 Words

STOP. In the time it took to read that word, 3000 extra dollars was just added to the national student loan debt. According to the Consumer Financial Protection Bureau, college debt now ranks second in the greatest debt owed besides a home mortgage. Unfortunately, the affordability of obtaining a post-secondary education no longer exists. Americans are now faced with over $ 1 trillion dollars in student debt. With such a huge escalation in college debt, we are facing a generation where over 50% of graduates will owe debt (McDaniel). While having debt after graduation is reasonable, it’s unimaginably difficult to assume that anyone considered middle class, could repay the average 25,000 dollars of debt (Tuition and Fees and Room and Board over Time†). Unfortunately, this crisis hasn’t been expressed as a pivotal concern for many citizens. As a college student myself, I understand firsthand and empathize with individuals who are overwhelmed with college debt. I remember looking at the price tags of each college before I submitted my application. The idea of being burdened with debt for trying to obtain a higher education, didn’t make much sense to me. It was hard for me to grasp that in order to increase my socioeconomic status, I would have to take the risk of being buried in debt. Financial aid was probably the biggest factor I took into consideration when selecting colleges because I wanted to avoid graduating with debt. College debt is not a light-hearted matter andShow MoreRelatedSh ould Student Loan Debt Be A National Crisis?865 Words   |  4 PagesAlthough many people are considering student loan debt to be a national crisis, we must understand the reality behind it. Unfortunately not everyone is fortunate enough to make it through college without accumulating debt. In Robin Wilson’s essay, â€Å"A Lifetime of Student Debt? Not Likely†, she makes a compelling argument that shows how students get involved with really high debt. She claims, â€Å"†¦the problem among students who go heavily into debt is that they are determined to attend their dream collegeRead MoreStudent Loan Debt Has Become A National Problem With No Solution2311 Words   |  10 PagesIntroduction: According to CNN, â€Å"Almost 19% of student loan borrowers owe more than $50,000.Only 6% of borrowers had that much in 2001.† (Gillispe, 1). Why has student loan debt increased so much? Student Loan debt has become a national problem with no solution. Many students are borrowing more money to keep up with the rising cost of tuition in universities, leaving themselves with thousands of debt after graduation. Students after gaining this debt, have to find jobs to support it which can comeRead MoreEssay on Student Loan Debt Should be Forgiven1256 Words   |  6 PagesDoes the amount of student loan debt have an effect on the economy? If so would forgiving student loan debt help lower the national debt or would it just increase it? According to Mary Claire Fischer, a writer for Kiplinger’s Personal Finance magazine, â€Å"two-thirds of students who receive bachelor’s degrees leave college with an average debt of twenty-six thousand dollars† (Fischer). This means that the average student debt has doubled since 2007 (Ross 24). The total student loan debt is $1.2 trillionRead MoreStudent Loan Debt1074 Words   |  5 Pagesof Financial Literacy Available in Regard to Student Loan Debt This personal finance paper will concentrate on the insufficient amount of guidance that is available concerning student loans. The purpose of this paper is to illustrate how prospective and current college students are ill prepared in their education and understanding of student loans. Three major issues that will be outlined in this paper include the large majority of college students are no longer able to pay for college out of pocketRead MoreDebt Is Every American s Favorite Word1294 Words   |  6 PagesDebt is every American’s favorite word. In America, the population has accumulated $19.4 trillion in national debt, thus why it is the nation’s favorite word. The debt has been collecting significant value throughout the years between various school loans, credit card debt and much more ways to create debt. The average American family owes over $100,000 dollars to the government. Debt is typically created by the different loans needed in order to live in a highly d eveloped country like America. EveryRead MoreThe Vicious Cycle Of Student Loans1576 Words   |  7 PagesCycle of Student Loans Student loans are one of the top three national debts in the United States. Total student loans have reached an outstanding of one trillion dollars and are still on going. It would take the United States hundred-fifty years, twenty million dollars a day to fully cover this national debt. Student loans are intended for students to go to college but they come with a rising social and economic cost. As the expectancy of high return and tuition are increasing, more students are endingRead MoreStudent Loan Debt Is A Negative Effect On The Future1349 Words   |  6 Pagesobtain once they complete school. Some students are required to change their career choices due to the overwhelming debt; examples of this could be they are required to take a higher paying job, even if they do not want to, so they can afford their previous choices (Zhang). Many years ago the notion of being so overwhelming in debt seemed unfathomable; but as student loan debt is estimated at $870 billion to $1 trillion, students’ willingness to acquire debt is strong and has no signs of slowingRead MoreForgiving Student Loan Debt Essay examples822 Words   |  4 Pagesamount of student loan debt have an effect on the economy? If so would forgiving student loan debt help lower the national debt or would it just increase it? According to Mary Claire Fischer, a writer for Kiplinger’s Personal Finance magazine, â€Å"two-thirds of students who receive bachelor’s degrees leave college with debt in tow† (Fischer). Among these students, the average amount owed is twenty-six thousand dollars (Fischer). There is a six month grace period after graduation to allow the student timeRead MoreLoan Debt And Voting For A Presidential Candidate1396 Words   |  6 Pagesrecommendation, and many students require loans to pay for their tuition. These loans may appear beneficial at first glance; they permit students to attend class without working an occupation, concentrate on their school work and possess a relatively low-interest rate which regularly does not take effect until after the student graduates. However, students often overlook the fact that they need to repay the loans in a timely manner. The future is difficult to predict if students will be in a superiorRead MoreHow The Rising Student Loan Debt1318 Words   |  6 PagesHow to Control The Rising Student Loan Debt The American Dream teaches us that if we work hard, earn a good living, and do our best that we will be able to live comfortably and happily with the fruits of our labors. In today’s society to achieve the American dream, one must first obtain a higher education. In order to do that though many students are taking out student loans and putting themselves further in debt. Having an education has now become highly sought after, yet increasingly harder