Introduction The cost of college tuition in the United States has been skyrocketing for decades, making higher education unaffordable for many families across the country. This issue not only affects the immediate financial stability of students and their families, but also has far-reaching consequences for the economy and the government. With more and more people struggling to afford college, we are seeing a decline in the number of students enrolling in higher education and a decrease in the number of skilled workers entering the job market. As such, it is essential that we find solutions to make higher education more accessible and affordable for everyone. The purpose of this paper is to explore a range of potential solutions to this critical …show more content…
One major consequence of student loan debt is reduced economic growth. When graduates are burdened with high levels of debt, they may have less disposable income to invest in businesses, purchase homes, or save for retirement. This, in turn, can limit economic growth as there is less money flowing into the economy. Furthermore, graduates with significant debt may be less likely to start new businesses, which are a major driver of economic growth. Another negative effect of student loan debt on society is decreased social mobility. Education is often seen as a pathway to upward social mobility, but with the increasing costs of education and student loan debt, this may no longer be the case. Graduates with high levels of debt may find themselves unable to pursue the careers they desire or move to areas with better job opportunities, limiting their ability to improve their socioeconomic …show more content…
Financial literacy education can help students understand the long-term implications of taking on student loan debt, provide workshops on budgeting, saving, and managing debt, as well as resources for students to learn about scholarships and other forms of financial aid. By offering financial literacy education, Parkland College can empower students to make informed decisions about their finances and help them avoid the negative consequences of student loan debt. In conclusion, Parkland College can take several steps to make the FAFSA application process easier for its students. By providing clear and concise information, offering FAFSA workshops, streamlining the application process, providing timely reminders, and offering financial literacy education, Parkland College can help its students navigate the FAFSA process more easily and ensure that they have access to the financial aid they need to achieve their educational