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The Cause Of Student Debt

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Imagine what a person could do with one point three trillion dollars. What type of power or affect could this much money have? Sadly, there is not too much of a reason to imagine because millions of Americans are currently trapped underneath a 1.3 trillion-dollar wad of cash. Student loan debt has reached an all-time high, surpassing credit card debt as the leading cause of household debt in the United States. With a sum so large, there are very few people that are unaffected by the havoc that student debt ensues on its helpless subjects. Since the 1950 's, higher education in America has seen an exponential increase in the number of students earning a degree and as with any other commodity in high demand, the value of these degrees has also …show more content…

With a college degree playing an ever increasingly crucial role in job placement after graduation, students feel the pressure to go to college, but with the astoundingly high cost of higher education, millions are forced to take out loans- 42 million to be exact. This group of Americans currently hold the 1.3 trillion dollars in student loans on their shoulders. With the majority of college graduates being in their early 20s, the amount of debt per capita, around 25,000 dollars can be crippling, thus leading to higher default rates and less stability as they begin their journey out into the world. Not only will it impact their young adult life, but it is predicted that "students who graduated from college in 2015 will have to delay retirement until the age of 75" (Hess 5). Ultimately, it is this battalion that has to most to gain, as well as lose, should student debt not be controlled. Needless to say, students want something to be done to protect them from student debt. Many groups fighting for legislation have erupted in recent years. One group made up of student debt holders, the Student Debt Reduction Coalition, states that their mission is to "encourage employers to offer student loan repayment plans… [and to] standardize the financial counseling process for student loan borrowers" (SDRC). Other groups, such as the Corinthian 15 have taken more drastic measures such as striking and refusing to make payments on their loans (Nasiripour). Whether they are being radical, and breaking a few laws, or simply asking for more protection, many students do not believe that there is enough regulation in the world of student loans. In this view, they seem to align more with legislation that would expand loan forgiveness, regulate the price of tuition, or even possibly make public university free. Through these programs, many students

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Student debt is a heavy burden to face, not only for upcoming student graduates, but also those who already are retired or nearing retirement. In “Haunted by Student Debt Past Age 50,” an article by The New York Times Editorial Board, argues how people that are of age 50 or above are struggling to pay off their debt while at the same time the government is taking away their money from their Social Security check. They give us the insight what they think of the situation, and what they suggest the government do in order for the problem to be sooth out. The Editorial Board through the use of rhetorical appeals of Logos, Pathos, and Ethos, shows the audience how the student debtor’s are having difficulty paying student loans, as a consequence they create a propose solution in which the government should help people that are carrying that debt, even after they have graduated.

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04 Dec. 2016. In USA Today’s article by Sandra Block and Christine Dugas titled “Five Proposals to Solve $1 Trillion College Loan Crisis,” the authors mention five ways to solve the student debt crisis in America, illustrating things like Bankruptcy reform, loan forgiveness, increasing federal pell grants, and the education of borrowers. Evaluating this article, it provides an informative view on the solution of student debt, and overall expresses many different spectrums on ways we can solve this social problem. The five ways to solve this problems

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This notion seems politically appealing for those on the left wing side of the argument, but overall no one wants to accumulate debt. Many of the young progressive college students and graduates would love for their student debt to dissipate. Student debt has become a crushing and often unavoidable generational crisis. But why not just forgive all that

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According to the Center of Economic and Policy Research, recent college graduates owe 85% more in student loans than their counter parts did a decade ago” (Time 6). Recent college graduates owe more in their student loans than the previous generation because millennials experienced an inflation of 85 percent or more in their student debt. This inflation of student debt demonstrates just how much more money millennials invest into their education as opposed to previous generations. For example, Adam Davidson of The New York Times emphasized: “Nearly 45 percent of 25- year olds, for instance, have outstanding loans with an average debt above $20,000” (2). Illustrating why millennials are so far behind in their transition to adulthood because more money is going towards their education than ever

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Aidan Autovino Mr.Allen English pd.3 20 April, 2023 Student Debt Imagine graduating college look at the amount you owe on loans for your education is over $20,000.The average federal student loan debt balance is $37,338. That's a lot of money for just one person to pay off! The federal student loan portfolio currently totals more than $1.6 trillion, from loans owed by about 48 million borrowers. Student debt is caused by the astronomical price of higher education that leads to crippling debt for college graduates and even dropouts; however, There are Government plans and scholarship payment programs created to help this issue be forgiven or partially assisted.

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Since tuition has risen 3 times higher the rate of inflation in the past 10 years, this increase a student’s chances of not being able to afford higher education and also gives them a better chance of accumulating debt post-graduation. Some people think that the college education they acquired did not fit the amount they paid for it, even if they pulled out loans or were an ideal candidate for a scholarship. This is a scary fact because higher education can determine if you thrive

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The student loan issues are causing huge problems on both students and society it seems clear enough that students are borrowing a lot of student debt, and they are failing on that debt and aren’t capable of paying it back and that is destroying their ability and threatening their ability to access any more credit in the future. The approaches students are taking to a student loan debt collection are fraught with many problems, including bad recovery tactics and failing on making repayments on the debt. There is no escaping the fact that the cost of college tuition is on the rise and it’s not declining, and that is making it more difficult for students to obtain a degree which is really important to acquire to be able to function in today’s

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Forgiveness of Student Loan Debt On a global scale, there is a large amount of people who are unfortunate in the sense that they are all regrettably faced with the issue of the struggle to pay for a proper education. Seeing as those who struggle are unable to pay on the spot, whether it be because they are financially independent adolescents or their families have low financial income, a majority of said strugglers resort to applying for student loans. This allows them to receive an education for the time being, but it still must be paid for eventually. As a result, every student who takes a loan for schooling will be in debt until everything that has been borrowed is paid off.

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Society often believes college is a necessary experience for a better future, but I argue that the future will not be any better when student debt becomes a part of life for those who follow that mainstream belief. Most parents often dream of the great colleges and universities that their children will get accepted into; however, they fail to think of the cost to attend those institutions. Financial aids! Financial aids! Yes there are financial aids that students can apply to lessen the student debt.

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The tuition and cost of college is detrimental to thousands of families across the country and brings student debt to future graduates. Some students have seen their debt climb over $30,000. Friedman writes, “The average student in the Class of 2016 has $37,172 in student loan debt…” (Friedman). With the debts being over the average income for single people households, college has transformed from a benefit to a burden. Young adults not only have to worry about their education but also paying for the next semester or years of college ahead of them.

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The student debt crisis has remained static for many years, and our future relies on the young people, like myself, to find solutions to our problems in education

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In the last fifty years the world has gone under many changes but one that is really shocking is the escalating prices of colleges. Since 1985, the price tag in American colleges and universities has

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Student loan debt loads have been spiraling, doubling over the last decade, and the enrollment rates of young people from lower socio-economic groups are rising far slower than middle and upper groups. Governments must recognize the renewed public investment in post secondary education is an economic and social imperative. 6.7 million borrowers in repayment mode are delinquent (Snider 1). The sad fact is that many lenders aren't exactly incentivized to work with borrowers. Unlike all other forms of debt, student loans can't be discharged in bankruptcy.

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