How The Rising Student Loan Debt - 1318 Words

How to Control The Rising Student Loan Debt The American Dream teaches us that if we work hard, earn a good living, and do our best that we will be able to live comfortably and happily with the fruits of our labors. In today’s society to achieve the American dream, one must first obtain a higher education. In order to do that though many students are taking out student loans and putting themselves further in debt. Having an education has now become highly sought after, yet increasingly harder to get due to the high cost of attendance. According to the Wall Street Journal , â€Å"Average published tuition and fees at private, nonprofit four-year colleges and universities increased 14% between 2008-09 and 2013-14 beyond the rate of inflation,†¦show more content†¦Kelley Holland, a journalist at CNBC said, â€Å"Rising student debt levels are changing how millions of people approach major milestones and core financial decisions, affecting longstanding social and eco nomic patterns.† This should be a scary reality for our whole nation and not just those that is specifically effects. Recent graduates are putting off getting married, starting families, buying homes and even venturing into entrepreneurship all because they feel a heavy burden from student loan debt and struggle to stay afloat after graduation. If we cannot fix this problem soon the debt will continue to climb, making it impossible to for students to get out of debt and loan companies to receive payment back. Mitchell D. Weiss, a contributor at Credit.com said, â€Å"When so many student borrowers are falling further and further behind in their payments, postponing purchases of cars and houses, putting off marriages and having children, they are sending an unmistakable message. Why are we not listening?† We need to stop this epidemic of increased debt, reevaluate the problem, and find a way to fix it. This debt will not go away on its own, and students will go fur ther and further into debt without a good way to fix the problem. Eventually our nation will suffer all at the price of gaining an education. To solve this problem we must look at the cause of high student loan debt increases in recent years. TheShow MoreRelatedCollege Tuition1075 Words   |  5 Pagesown work. If I have used outside sources, I have acknowledged them through correct documentation.† Student Loans Today college tuition prices are rising. Paying for college can often be a stressful responsibility. A college education is very important for many students, but when stressing on how to pay for college gets in the way, it becomes more of a burden. Kim Clark effectively states the rising prices of college tuition in her article, â€Å"The Surprising Causes of Those College Tuition Hikes.†Read MoreCauses Of Student Debt902 Words   |  4 PagesThe term student debt has become a bit controversial in todays world; it strikes fear into the hearts of students and parents alike. This is because student debt is increasing at an incredible rate and everyone agrees that it is a major problem. Many solutions have been proposed to fix this problem, yet nothing has been done. This problem is projected to worsen in the near future. The causes of this are relatively simple and clear-cut. The increase in student debt is caused by a combination of factorsRead MoreCollege Debt Is Increasing Number Of Students1390 Words   |  6 Pagesthe last several decades, rising tuition rates and changes in federal and state policies, an increasing number of students are turning to college student loans. As a result of these changes in prices and policies, the percentage of undergraduates borrowing has increased from 37.8% to 46.2% for public 4-year institutions and from 48.5% to 58.9% for private institutions. According to one estimate, student loan debt has reached $1 trillion dollars, surpassing credit card debt (Reynolds and Brandon). MostRead MoreThe Vicious Cycle Of Student Loans1576 Words   |  7 PagesCycle of Student Loans Student loans are one of the top three national debts in the United States. Total student loans have reached an outstanding of one trillion dollars and are still on going. It would take the United States hundred-fifty years, twenty million dollars a day to fully cover this national debt. Student loans are intended for students to go to college but they come with a rising social and economic cost. As the expectancy of high return and tuition are increasing, more students are endingRead More University Tuition Costs are Too High Essay1239 Words   |  5 Pageshigher education is quickly rising. Over half of college freshmen show some concern with how to pay for college. This is the highest this number has been since 1971 (Marill and O’Leary 64-66, 93). The amount of college graduate debt has been rapidly increasing also. With limited jobs available because of the high unemployment rate, college graduates find themselves staying in debt even longer. Although grants and fina ncial aid are available to students, students still struggle to pay for theirRead MoreIs College Getting to Expensive?801 Words   |  3 PagesCollege is a place where most high school students want to be after graduation. They may want to attend as a goal that they have achieved for themselves for future goals and aspirations, or something that theyre doing for their family. No matter what the reason is, there is one thing that is for sure. College is not cheap and will only continue to become more expensive. With this, comes diffulct financial decisions for the parents of the attende and the students themsevles. Middle class families makeRead MoreThe Problem Of Rising Student Loan Debt1495 Words   |  6 Pagesproblem of rising student loan debt. Student loan debt is a problem that has begun to seep into the very mainstream of society as more and more individuals attend college, especially those with great financial needs. Personally, I am lucky to say that I do not need to borr ow money to attend IRSC which has been a major blessing that has allowed me to better my education. Unfortunately, the same cannot be said about my husband, who graduated from Florida State University with student loan debts aroundRead MoreThe Benefits Of College Tuition1285 Words   |  6 Pagesneeding a master’s degree to get a better job. College tuition has been increasing at a steady rate. Many students are finding themselves not having equal opportunity to attend college due the high tuition cost. A large number of students that do attend find themselves with a huge amount of student loans to pay. Colleges have raised their tuition greatly, created unequal opportunity and create loans that take years to pay back. The tuition for college has skyrocketed. â€Å"For the past quarter-centuryRead MoreEducation Debt: The Problem and Solutions Essay1125 Words   |  5 Pagesever-increasing tuition and ever-tighten federal student aid, the number of students relying on student loan to fund a college education hits a historical peak. According to a survey conducted by an independent and nonprofit organization, two-thirds of college seniors graduated with loans in 2010, and each of them carried an average of $25,250 in debt. (Reed et. al., par. 2). My research question will focus on the profound effect of education debt on American college graduates’ lives, and my thesisRead MoreCollege Costs and Debt Essay937 Words   |  4 Pageshas its effect in the future. The question is always â€Å"what do you want to be when you grow up?† As you age, the career dreams develop into a more mature answer. No matter how anyone is raised, there is always someone pushing at least one other person t o go to college. Then, that silly career question is turned around on them, â€Å"how exactly do you expect me to afford college?† Roughly, about $809.6 billion is spent on college in the United States each year. Along with all the money spent, deb comes trailing