Student loan debt is a crippling crisis, and it has affected many college students, especially those who find themselves unable to repay their loans. For many college students, access to higher education is the gateway to a better life, and education is necessary to improve their socioeconomic status and obtain better-paying jobs. Asha Banerjee, policy analyst for the Center for Law and Social Policy, says, “Today, more than 45 million Americans are struggling with student loan debts” (Banerjee 1). The increasing cost of college/higher education is forcing students to borrow and finance their education at a costly rate. The student loan debt crisis is slowing the national economy, and consumer spending is linked to personal finances. Students …show more content…
Government cuts in education funding have driven tuition prices up and these government funding decisions have made college less affordable and less accessible for students. Jonathan Glater, a professor at Berkeley Law, claims, “Direct appropriations and state support of public colleges have failed to keep pace with rising institutional costs. This is due at least in part to difficult economic times that have forced state governments to make hard fiscal choices” (Glater 1573). Rising education costs have made college less affordable and has shifted education costs from the government to students. According to the National Center for Education Statistics, “the average tuition and fees for first-time full-time undergraduate students in academic year 2021–22 was $9,700 for public institutions, which is 6 percent higher than $9,100 in 2010– 11” (“COE”). While federal student aid is available it has not been enough to cover the rising tuition …show more content…
A major issue with this thought is the notion of obtaining a student loan to pay for a higher education and believing it guarantees success. Tilak Jandhyala, former Vice-Chancellor of The National University of Educational Planning & Administration, warns that, “The concept of student loans…has not proved to be a feasible solution to the problem of inadequate resources for higher education nor an antidote to the regressive effects of increases in fees” (Jandhyala, 19). There is no guarantee that a college education will allow anyone to make more money or obtain the career they want. Student loan debt forgiveness offers new graduates a fresh start and improves their chances of a better lifestyle. Not having student loans would mean relief for these individuals and give them the opportunity to buy a home, save for retirement, and invest in small