The Pros And Cons Of Student Loan Debt

Over the last 12 years, federal student loan balances have quadrupled, exceeding $1.1 trillion (Lee and Looney, et al.). America’s student loan debt has skyrocketed to over $1.1 trillion. In the United States, student debt is a known problem that haunts many students and alumni due to the high prices of colleges. Many may argue student loan debt is worth it because of the job opportunities and higher earnings that can justify the debt. In contrast, others believe college prices should either drop or that the government should help with the debt. College helps people find their career path but comes with a hefty price, so many people take that risk and are left with student loans they have to pay over their lives, however, colleges can lower

Some people argue that student loans are a good thing that can help students earn a degree to pay their debt (Delisle and Gurantz). In 2008 and 2009 it was said that students who “borrow more, increased bachelor’s degree completion rates, and led to significant long-run improvements in earnings” (Delisle and Gurantz). The authors believe that student loans help them earn a degree and ultimately pay off their debt. Although correct, there is much more risk and problems than just receiving a degree and paying off the loans. For example, one may not like their major and waste the money used to pay for college, or one may not succeed. In order to decrease the rate of student loans, students should find a path to take as well as colleges offering lower

According to Melanie Hanson, a researcher and author at EducationData, “The average student borrower takes 20 years to pay off their student loan debt” This is 20 years of someone's life spent just trying to pay off loans from 20 years ago. One may be very stressed over the loan amount, leading to many mental health problems. This can put many people in a state of depression. Valerie, a mother who is a primary caregiver for her mother and husband who are both disabled and have $200,000 in debt, expressed, “My husband has been recently diagnosed with lung cancer. I have taken on two jobs in order to make ends meet in paying for my student loans, which has taken time away from me being able to care for my family” (Student debt stories). She has major debt and cannot afford all the expenses as she is the main caregiver for her mother and husband, who are both disabled. This is very sad as she has devoted all her time and life to paying off student loans. Another story from NAACP, Asia M., a future mother states, “I am unable to launch a real estate business. Although my job pays me a decent salary, I usually live paycheck to paycheck and am unable to amass savings. I am afraid to start trying to have a baby with my husband because we are burdened with this huge debt and are not financially stable enough” (Student debt stories). Asia has over $300,000 in student debt