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The Pros And Cons Of Student Loan Debt

1149 Words5 Pages

“Forty Million people in the United States are dealing collectively with $1.2 trillion in student loan debt” (Dickinson 37). College tuition has rocketed to “66 percent” (Noah 11-13). College Tuition is up “500% since 1985” (Dickinson 37). The rates for older borrowers has risen from “6 percent in 2004” to “12 percent” in 2013 (Patton A10-A11). “40%” of American households have a student under 35 that has student loan debt (Jones 57-62). Senator Elizabeth Warren is proposing no more than a “4%” interest rate on student loans (Dickinson 37). Average in-state tuition for a full-time undergraduate living on campus is estimated to be about $12,058 (Washington 38-41). Student loan debt is a burden on every student young or old; it may suspend …show more content…

People that take on student-loans know that getting a higher degree will help them in today’s economy, and others say the debt is not worth it (Patton A10-A11). Some students say student loans are a valuable expense for their future ( Jones 57-62). A college graduate degree may be more likely to get a higher paying job over a non-graduate (Jones 57-62). When the recession hit it brought people to go back to graduate school (Patton A10-A11). Houghton College in New York has currently has a high employment for its undergraduates (Jones …show more content…

Adults too still have lingering college debt to pay off (Patton A10-A11). 50 to 70 year olds that are dealing with graduate-school debt say they were laid off from their jobs during the recession (Patton A10-A11). Student loans are increasing mostly amongst adults 60 years and older (Patton A10-A11). The rates for older borrowers has risen from “6 percent in 2004” to “12 percent” in 2013 (Patton A10-A11). Older students tend to take longer to get a degree because they have to work a full-time job and go to school than younger students (Patton A10-A11). Some single parents are help paying for their child’s college while still trying to pay off their student-loan debt (Thomason A6). People’s Social Security checks are vanishing because they are falling behind on paying back their student loans (Patton

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