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Argumentative Essay: The Issue Of Student Loan Debt

1032 Words5 Pages

According to the last recording of student loan debt, the total amount of the United States student loan debt is roughly one and a half trillion dollars (A look at…). Statistics like these present the urgent need to resolve the major financial issue of student loan debt. Solutions have been given by many people to solve this issue but most solutions fail. The main reason behind student loan debt is falling to far into debt to the point where it is almost impossible to come back. The origin behind all of this is a lack of a student loan amount cap. Overall, this issue affects most people living in our world today and must be fixed for our generation and generations to come. Over the span of many years, the world’s jobs have expanded to millions upon millions. Due to this rapid expansion of job growth this has caused education to be expanded in to different fields and degrees. Some jobs require a degree that is harder to earn in an …show more content…

Although debt is a bad thing, it is not unavoidable for everyone. People will fall into debt because not everyone has a solid financial backing. More than seventy-one percent of students graduating from a four year college are graduating with debt (A Look at...) . Setting a cap would cutthat percent far down so the students would have a chance to break even with the income they receive after college. Because there is no student loan debt cap, colleges take advantage of this or they set the cap very high so the students will keep having to pay the college for years. “One reason graduate school debt has grown is that students have nearly unlimited borrowing capability from federal programs — with few credit checks or examinations of ability to repay…” (The Washington Post). Students use the loans unknowing what pay they will get from their future job. By setting a student loan cap, students would take less of a risk with coming back from

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1203 Words | 5 Pages

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1125 Words | 5 Pages

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906 Words | 4 Pages

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Student loan debt is one of America’s biggest issues today. It is a problem that many leading political and economic figures are trying to solve, but have not yet succeeded. The nation’s high record of $1.34 trillion in student debt is not only troubling households but it is also disturbing the economic lifecycle. Students are not required to make payments until they graduate. But once they do, entry-level wages and salaries could take up to decades to pay off loans.

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1994 Words | 8 Pages

Loans allow receiving a college education seem like a smoother process considering that such a hefty amount to pay is divided so that it can be paid for in moderation. Despite the fact that it’s split into many payments, it’s still a large quantity all in all so unless indebted students aim for high income jobs, there would many years of difficulty to come after college. For this reason, undergraduates make it their goal to go after jobs which would prevent them from being constantly pressured to pay off debt. Thus, student debt is both a crisis and a reason to encourage persistence towards greater ambitions (Hillman, 41). It is a tremendous thing when a student seeks to be financially comfortable or even rich in the future but not when it is for the wrong reasons.

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442 Words | 2 Pages

Outstanding student debt increased $31 billion the past year to $1.31 trillion. Over 9.7 million students borrow annually. Student loan delinquencies are over 11% and increasing, according to New York Fed President William Dudley. College costs skyrocket above inflation; financial aid fails to increase proportionally. Many of today’s students do not understand the long term impact of financing college.

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771 Words | 4 Pages

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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901 Words | 4 Pages

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585 Words | 3 Pages

Some say that interest rates should be dismissed from student loans, unless the student does not pay the loan by the time provided in the contract signed. Similarly, there exists another perspective that states that the amount of money students should be allowed to borrow should be similar to the annual salary they will earn once they graduate college. These perspectives open many door to students. Students would no longer worry about interest rates making the debt bigger with time. Although, the perspectives sound like a very good option, there are some disadvantages: the government will no longer have the accessibility to the money made from interest rates, which can diminish the opportunity for students to obtain student loans.

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1812 Words | 8 Pages

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.

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