ipl-logo

Student Debt Essay

616 Words3 Pages
bulb-icon

Recommended: American Dream and student loan debt

Merritt Snodgrass Thomas Honors English 11 4 May 2023 Debt: A Major Obstacle in Achieving the American Dream The American Dream is the idea that everyone has an equal opportunity to achieve success through hard work and dedication. How is a person able to achieve success when they are swimming in debt? Less than a quarter of Americans live debt-free. Over 45 million Americans owe 1.7 trillion in student debt. 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 …show more content…

However, the reality is that many Americans struggle with debt which can make it very difficult to achieve their dreams. Debt affects the this concept in many ways. First, it can limit opportunities for education and career advancement. Many Americans take out loans to pay for college or vocational training, but the burden of debt can make it challenging to pursue higher-paying jobs or starting businesses. Second, debt can limit access to affordable housing. Many Americans struggle to pay their rent or mortgage payments due to high levels of deb, which can force them to live in substandard housing or in areas with limited economic opportunities. Third, debt can limit access to healthcare and other basic needs. Tons of Americans can not afford their medical bills or other costly expenses because of the debt they obtain. This can lead to health problems or negative outcomes. Overall, debt is a huge obstacle when it comes to achieving the American

Show More
Related
863 Words | 4 Pages

Debt can and will quickly add up, however if you are using it for the right reasons, you will prosper from the amount of money borrowed. The biggest concern that people have towards student-loan debt is that what it shows about the affordability of college educations. Students are afraid to go to college if they don’t have the money, because of they don’t want to be in debt from student loans. Loans are a real fear that college students try to avoid.

Read More
1075 Words | 5 Pages

In the U.S, there is a huge problem facing the government: student debt. College students are graduating from school with huge amounts of debt and loans borrowed from the government. Many students have a hard time finding a job upon graduation and have no way to pay back their loans. This hurts the students as well as the government and the economy. The student loan crisis keeps getting worse and worse.

Read More
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
962 Words | 4 Pages

Most college students are already deep in debt before they finish school, as stated by the American Psychological Association, “College students in the United States graduate with an average of $29,200 in student loan debt. ”(American Psychological Association). College students accumulate just under $30,000 dollars in debt before their careers even begin, which means that they have to live frugally to meet the demands of their debt. Their struggles can get so bad that some college athletes report not having enough money to be able to travel home during the holidays or to pay for food (Compensation for College Athletes). College students put their health and well-being aside to work toward their futures.

Read More
301 Words | 2 Pages

Many Americans believe they can not graduate college debt free. They, in turn, take out student loans that in the long run will cause debt to pile up. Many statistics show the negative effects of student loans. This helps prove the idea that student loans are, in fact, are a major factor of high levels of debt. Also student loans and debt can be avoided with financial aid programs along with grants and scholarships.

Read More
350 Words | 2 Pages

“Student debt has exceeded credit card debt and impacts about 43 million Americans, sparking a variety of efforts to aid students struggling to afford college (Max Lewontin).” That debt weighs

Read More
773 Words | 4 Pages

Debt caused by student loans is unnecessary when going into training, education, or college. Students take out student loans because they do not have enough money to travel through their higher education without going broke. It is possible to finish college without taking out student loans. Way to prevent debt after college is to apply for as many grants or scholarships as you can and to save up for college while still in high school. Both of these methods will help you avoid taking out student loans that jumpstart your debt in adult life.

Read More
464 Words | 2 Pages

The Financial Cost of a College Education The cost of a college education has become a determining factor in whether or not people choose to continue their education after high school. The cost of college is so expensive that very few people are able to pay for their education “as they go”; students are being overwhelmed with student-loan debt. The prospect of student-loan debt shouldn't be driving people away from a college education. The cost of a college education in the United States is unaffordable.

Read More
1899 Words | 8 Pages

Issue – Student Loans There is a crisis at hand that looms over our nation daily and keeps getting larger without mitigation. It is not North Korea. It is not the War on Terror. It is a financial calamity; the basis is not in the housing market, not in the stock market, but in the debt market. It is a specific kind of consumer debt; student loans.

Read More
1018 Words | 5 Pages

Student loans have passed credit cards and auto loans to become the second biggest source of personal debt in the U.S., trailing only mortgages

Read More
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
834 Words | 4 Pages

Student debt is a tremendous debate topic between a range of people. Three groups specifically have different views on student debt; this includes debt averts, debt intermediates, and debt acceptors. These three groups are discussed in great detail through a study written by Desiree Zerquera, Brian McGowan, and Tomika Ferguson. Although the article is about how students deal with debt, I strongly agree with the fact that educators and practitioners should understand students better when it comes to the difficulty of student debt. I acknowledge this, but on the other hand, the article also should include a bigger sample size when doing the experiment and also add in how everyone deals with student debt in these three ways no matter the race,

Read More
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
1553 Words | 7 Pages

For generations, the American Dream has been considered as the symbol of hope and success for people around the world. It speaks for the idea of hard work and perseverance, anyone can achieve social mobility and success. Despite the promises of all of these advantages and prosperity, the American Dream has become unattainable for the typical American. The constantly rising cost of living and education have all contributed to the dream appearing more and

Read More
378 Words | 2 Pages

Student loans can be helpful, but when it's time to pay back, it can lead to future mental struggles and be stressful and hold you back from living the life you want to live in the long run. The student loan debt crisis in now only taking a huge toll on the personal lives of many Americans, but on the economy as well. Whether or not students graduate or not, if they pulled out student loans worth $200,000 they remain in debt for a remainder of years. As the problem continues to grow it becomes more and more critical to find a solution to help the well being of everyone in the nation, student or

Read More

More about Student Debt Essay

Open Document