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Student Debt Essay

494 Words2 Pages

Today, I would like to talk to you about a critical issue that is affecting over 15 million young Americans as we speak - the rising cost of college education in the United States. With tuition costs soaring every year, increasing over 175% in the last 20 years more than three times that of inflation, many students are forced to take out loans to finance their education. While loans may seem like a good solution to the problem, they have significant drawbacks that are hurting the future of our country. First and foremost, the loan system for college education in the United States is not sustainable. The total amount of student loan debt in the United States has surpassed $1.8 trillion according to NerdWallet, and it is growing at an alarming rate. The burden of student loan debt is weighing heavily on young Americans, affecting their ability to buy homes, start businesses, and save for retirement. In fact, many students are unable to make their loan payments and are defaulting on their loans. This vicious …show more content…

Students from low-income families are often forced to take out loans to finance their education, while students from wealthy families are able to pay for their education out of pocket. This perpetuates inequality in our society and limits opportunities for those who are already disadvantaged. According to education data over 25% of students who took student loans are unable to start their own business, a major route to improve their financial standings. Lastly, the loan system for college education in the United States is not effective in promoting educational attainment. While it is true that loans can help students pay for their education, they do not address the underlying problems that are driving up the cost of college in the first place. Rather than addressing the root causes of rising tuition costs, loans simply enable colleges and universities to charge even higher prices, which exacerbates the

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