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Student Debt Essay

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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 …show more content…

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

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College debt can have a crucial and long-lasting impact on students’ futures and life choices. Student debt lowers their credit scores and affects their future financial wellbeing, inflicts mental health

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Student loan debt effects people that took out loans to pay for school. It puts them in debt that some may pay off in 10 years while for others it may take their whole life. A factor that affects debt is the type of loan graduated students take out. Federal and private student loans are the main ones people take out as though it goes deeper than that and separates into more loans. These loans are direct subsidized loans, direct unsubsidized loans, and direct PLUS loans which all have different interest rates that can be a factor in how much debt people can have.

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“Today, 45 million people collectively owe nearly $1.7 trillion in student loan debt. Every 26 seconds, one of those student loan borrowers defaults on their loan” (The Student Borrower Protection Agency). These are terrifying numbers that affect everyone not just individual debtors. Student debt is a ripple effect that will affect generations to come. Such problems become even worse for individuals; “these are ‘kitchen table’ financial issues that affect every aspect of their lives” (The Student Borrower Protection Agency).

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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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However, student loans are not offered to every student and if a student was to receive a loan they still have to pay it back fully or with interest. for instance, “1-3 trillion dollars of student loans, and 6 million vacant jobs that no one is trained to do” (rowe, E). Not only is there over a trillion dollars worth of debt that needs to be paid off, there are also millions of jobs that are not filled because of a large skill gap. it was also stated that, “students today are taking on More debt, and recently Tiding bankruptcy laws make it more difficult to shake that debt” (Wicker, F). All summer saying colleges or cheaper, they are wrong because the initial cost may be cheaper but the amount of debt that is left over is very large and paying off his debt because for a teenager who is learning and looking for a job while making no

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Introduction Americans have almost 17 trillion dollars in debt in total in April of 2023, in which around 10% of that debt is student loans. Student loans are a big issue because they contribute to the harm of many student's careers early on, delaying when Americans buy houses, cars and other financial decisions. Student debt is a big dent in the economy, but many say that this is a nessasary evil, required for the population to afford their education. Student debt could mean the difference between your dream school and job but also comes with the downside of debt before your first job. Student debt is problem for many students across the globe but is a big problem In the US.

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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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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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Most of my friends who are currently in college have between 5000$-20.000$ in federal and private loans. In many cases, besides for the loans, students have to work and study at the same time, which results in a stressful life for the student. In fact, many students are not able to finish their education because, since they can’t afford it, they have to work over their studies. Out of all the possible reasons to drop out of college, “the No. 1 reason many young adults drop out of college is an inability to juggle school and work” (Johnson). Finishing college is the most decisive forecaster of prosperity in the workforce and the inconsistency in college completion between children of rich and poor families duplicated since the late 1980s (McGlynn 55).

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