ipl-logo

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

Show More
Related

Annotated Bibliography On Student Debt Crisis

1056 Words | 5 Pages

04 Dec. 2016. In USA Today’s article by Sandra Block and Christine Dugas titled “Five Proposals to Solve $1 Trillion College Loan Crisis,” the authors mention five ways to solve the student debt crisis in America, illustrating things like Bankruptcy reform, loan forgiveness, increasing federal pell grants, and the education of borrowers. Evaluating this article, it provides an informative view on the solution of student debt, and overall expresses many different spectrums on ways we can solve this social problem. The five ways to solve this problems

Read More

Liberty University Student Debt Essay

1174 Words | 5 Pages

According to Harriet Stranahan, a professor at the University of North Florida, and two of her colleagues, “Students leaving college today [2019] are burdened with the highest levels of student debt in recorded history. The statistics are frightening: 44.2 million people in the US have student loan debt, total student loan debt is over $1.3 trillion, second only to housing debt in the US and over $32 billion of the debt balance is currently in default” (Beal, et. al, p. 219, 2019). As a result of these overwhelming numbers, students must work to pay off their student debt. According to Liberty University’s Student Financial Services, the average cost of tuition for undergraduate students is $23,800 per year, which averages $815 per credit hour (About Liberty).

Read More

Burden Of College Debt Essay

936 Words | 4 Pages

Students with college debt often feel a sense of pressure and anxiety, fearing the judgment of other students and family members who may not understand what they are going through. Because of the impact on one’s mental health, students under this pressure may be led to making poor decisions and begin to lose hope for their lifelong goals and values. College students’ lives get torn apart by the burden of their debt and tend to feel ashamed of their low income families who could not afford their tuition. People from these low income families are more vulnerable as it is. It is probable for them to have a tougher time finding a steady source of income for themselves, causing them to feel even more overwhelmed and hopeless about paying off their loans.

Read More

Student Debt Essay

616 Words | 3 Pages

The largest group of borrowers by debt amount included 9.9 million borrowers with student loan debt in 2022, ranging from $20,000 to $40,000 (Zanetis 1). Poor Americans have been unable to freely and confidently plan their futures because of the ongoing battle with poverty. Student debt has plagued American students for years. The Federal Reserve Bank of New York revealed that in the first quarter of 2022, the total amount of household debt in America increased

Read More

Student Debt Essay

749 Words | 3 Pages

The total student debt is $1.75 trillion in federal and private loans. A large portion of Americans ends up paying off their student debt for years and have to worry about paying off loans throughout their life. Many can’t pay their loans though. When borrowers fall behind, their credit scores get hurt, making other forms of debt relief impossible and people keep sinking

Read More

Persuasive Essay On Student Debt Crisis

1228 Words | 5 Pages

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

Read More

Student Loan Forgiveness

1994 Words | 8 Pages

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.

Read More

Reduce Student Debt Essay

2065 Words | 9 Pages

Over the last few decade, the amount of change and rise of student loans increased significantly and with it increasing is a critical issue and it also increase the tension and stress it comes with because it affects the person mental health and wellbeing, it also puts tension on trying to manage to pay off the debt as soon as possible, and how it has become more of a critical issue to people through the decades but there also can be ways to minimize your student debt . Throughout the years the total number total of student has rised in the United States from 364 billion to 996 billion through 10 years (Andrew H.,2015), a big reason of why people decide that they need to get a student loan is to have enough funds to be able itself-deal with

Read More

Argumentative Essay: The Issue Of Student Loan Debt

1032 Words | 5 Pages

According to the last recording of student loan debt, the total amount of the United States student loan debt is roughly one and a half trillion dollars (A look at…). Statistics like these present the urgent need to resolve the major financial issue of student loan debt. Solutions have been given by many people to solve this issue but most solutions fail. The main reason behind student loan debt is falling to far into debt to the point where it is almost impossible to come back. The origin behind all of this is a lack of a student loan amount cap.

Read More

Argument Essay: Reducing College Tuition

1328 Words | 6 Pages

The cost of tuition is an incredible problem in today’s education system throughout the United States because it hinders the people who want to go college but cannot afford to do so. The price of tuition is a burden to those who are actually attending

Read More

Argumentative Essay: The Cost Of College

771 Words | 4 Pages

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.

Read More

Student Debt Argumentative Essay

901 Words | 4 Pages

The total U.S. student loan debt now surpasses $1.2 trillion and there is more than 40 million recipients owing on federal and private student loans (Malone). Most of the college students in the United States can’t afford their education by themselves and, as a result, students end up drowning in student loans in order to earn a degree. Student debt is a major problem in the US, and it is a major influence on the gap between rich and poor. A more accessible college education would help reduce the gap between rich and poor in the United States.

Read More

Essay On Student Debt

1169 Words | 5 Pages

The Problem with Student Debt Students have enough trouble trying to get into college because of the cost of tuition. The rise of student debt is increasing and there are many people who are concerned with the rising percentage. Student debt comes from the loans that are being handed out in the wrong way. Student debt is taking a toll on people in their future. Some people believe that if the household income is not where the requirements should be that students should not be able to take out a loan.

Read More

The Pros And Cons Of Student Loans

585 Words | 3 Pages

Student loans have always seem to be a controversial topic. Many people are in agreement and disagreement over the opportunity to student loans. Student loans can be a great advantage to many students, but it can also drown them in an immense debt, that will follow them for many years. The more we analyze this perspective, we are able to distinguish the advantages and disadvantages of student loans. There is a variety of perspectives on student loans, some involving annual salaries, interest rates, and commodity.

Read More

Argumentative Essay On Student Loans

378 Words | 2 Pages

Student loan debt loads have been spiraling, doubling over the last decade, and the enrollment rates of young people from lower socio-economic groups are rising far slower than middle and upper groups. Governments must recognize the renewed public investment in post secondary education is an economic and social imperative. 6.7 million borrowers in repayment mode are delinquent (Snider 1). The sad fact is that many lenders aren't exactly incentivized to work with borrowers. Unlike all other forms of debt, student loans can't be discharged in bankruptcy.

Read More

More about Student Debt Essay

Open Document