Colleen Rookerson College Financial Debt Linda Shepard 22nd, April 2023 College Financial Debt Student debt is on the rise, what are we going to do about it? Students face an increasing amount of debt and struggle to pay it back due to low finances and high interest rates. Some students struggle financially to pay back student loans and eventually need to drop out of school due to the high costs. What options do they have? Yes, students have the option to take out student loans but how far does that get them? Statistics show the increasing numbers of student debt and the struggles students go through. First let’s dive into the statistics. “The average federal student loan debt balance is $37,338 while the total average balance (including private …show more content…
“Students suffer from anxiety, stress and mental health issues due to high cost of colleges (Dr. Teresa Sullivan).” More than 41% of students suffer from one form, the amount of stress added to students to pay off high student loans and/or not be able to pay for their next classes or even the material needed is alarming. We could relieve the stress off students which will in return allow them to focus on their school work and get better results. 2. Students can be more successful in their education and will have the information and knowledge needed to assist and give back to their communities. They will have higher pay which will result in higher income for businesses and communities. 2. Benefits to College 1. Colleges would have full campuses with thriving students and higher success rates. With the stress of student loans and trying to make the payments for upcoming classes, students will have the opportunity to focus more on their current classes. Colleges would have a decrease in their dropout rate and potentially have students become teachers who could then teach at a college level. 2. Colleges will benefit from the federal government and taxes assisting with the cost of campuses and teacher funding. The higher the success rate for students and the more funding coming in, teachers could eventually get higher pay and the colleges themselves to higher more staffing which once again would be giving back to the campus. 3. Benefits to