Student debt takes a toll on many people, including high school students, college students, graduates, and even parents. The debt directly impacts college students, and according to Edwards, Altman, Miller, and Thompson (2015, p.96), “Seventy-One percent of undergraduates graduate with debt”. Not only is the amount of people effect large, the amount of money owed is enormous. The total student debt for 2017 is $1.3 trillion and is now double what it was 9 years prior (The Editorial Board, 2017, p. 92). The constant raising of prices caused a problem in our economy in the form of student debt, and it is a crisis because it means more than just a bill, it means giving up a career goal and going through suffering or hardship in the future. Student debt starts its effects on students before they even have to pay them. The fear of having large amounts of debt keep students from choosing careers that require lengthy years of school to achieve, such as doctors or pharmacists (Ulbrich & Kirk, 2017, p.1). Because of the dread, a lot of students lose sight of goals and alter their plans for college because of …show more content…
Instead of saving up for retirement pensions, future dependents, emergencies, or even getting a loan for a house, students will be spending the majority of their paychecks trying to pay off student debts and interests (Kohn, 2017, p.38). While students are paying off their debts, they probably do not have any income to put away for savings. According to Ulbrich and Kirk (2017, pg.1), “Approximately two out of five US adults (38%) paying off student loans are unable to save for retirement” (Ulbrich & Kirk, 2017, p.1). The savings could also come in handy for down payments. Savings should also be put aside in case of any emergency. However, if students are unable to build their savings it could lead them to not have anything to fall back on which could lead to cases of depression and constant