Student Debt Essay

College Debts And Their Effects On Future Generations

Student debt is destroying what past generations have worked so hard in creating, a functional world. Colleges and universities have been around for quite some time now and have been a key piece in the puzzle of preparing students for success in the real world and unveiling what it has in store for them. Although these educational institutions have done much good to our communities and societies, there is a side of it that has limited our growth as a species and punished those who want to succeed. Student debt is money owed from a loan in order to afford education. These debts are loaded with interest and start to pile up exceeding the necessary time and dedication needed for students to

We have seen that student debt can influence the path on which life lies quite heavily. Student loans can take a fair amount of debt and transform it into lifelong expenses comparable to mortgages. Essentially college debt is the outcome of an extended failed loan repayment. “And unless wages increase and college costs decrease, students will still need to take on debt to complete degrees, and they’ll face greater difficulty repaying loans.” (Helhoski, para. 2). These growing issues can not only affect people but the future society as well. Student loan debt has the ability to delay lifetime goals, worsen economic inequality, lower the attainment of colleges, and increase the amount of money that the government spends. If we do not do something about this quickly, our society will tear itself apart. What can we do to solve this problem? There are two approaches we can take to solve this issue. We can either protest this issue together or solve it individually based on a personal basis. The long-term solution includes actions such as forgiving student loan debt, making better forgiveness programs, cutting or lowering interest rates, making college tuition-free, and expanding the Pell Grants. Forgiving student loan debt and better forgiveness programs would clear a significant amount of this outstanding debt and would give an opportunity for people who never graduated college to go back through the system and get a degree and possibly a better life. Cutting or lowering interest rates would not allow the principal debt to grow at such a fast rate and would make it easier to pay off this debt. Making tuition free and expanding pell grants would lower the overall cost of college significantly, making loans less common and lowering debt. These solutions would become reality through protests and campaigns in order to convince higher powers of the government and institutions