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Problem of Student Loan Debt

Updated December 28, 2021
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Problem of Student Loan Debt essay

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Today many young adults are considering college and what positive impacts it will have on their future. However, going to college is not the only thing that many young adults must worry about. Every young adult dream is to get into a big college, yet they don’t understand that these big colleges require tons of money just to attend. Being able to afford college is such a privilege but everyone doesn’t have that privilege so therefore we apply for student loans. Many Americans are still paying for college today, but why? Because student loans follow you until you absolutely pay them off. With the research I’ve done I have come to conclusion on why we have student loan debts and what could possibly be a better resolution than student loans.

Every young adult dream is to get into a big college, yet they don’t know these big colleges require tons of money just to attend. Researchers found that the average college cost twenty thousand for in state and about forty thousand for outer state which include tuition, fees and other including things that are provided when attending the college. Colleges are taking tons of money from the regular working family and most families does not have the sufficient funds to pay for their kids to attend college so this is why we apply for student loans which goes by free application by federal student aid.

Student loans give most young adults the chance to attend the college they want to, but they still would have to pay the debts after graduating college. Why do young adults want to attend a high-priced college? Because every young kid has the dream of being successful after college, but student loans tends to jump in front of that success which is why I don’t totally agree with student loans debts.

Being able to afford college is such a privilege but everyone doesn’t have that privilege so therefore we apply for student loans. Student loans are used by many young adults, there are trillions of dollars in student loan debts that are owed today. Students must apply for financial aid, but they must also maintain a certain grade point average in order to be provided with the financial aid. Financial aid is a way of helping the young adults who are not so privileged, you also have different types of student loans, but everyone does not qualify for private student loans in certain circumstances.

I think that everyone who can’t afford college should apply for student loans because it helps but I don’t agree with paying the student loans back. Student loans should be provided to every young adult who graduates high school with a diploma, and it should be free. “From a financial perspective, enrolling in college is equivalent to signing up for a lottery with large expected gains indeed, the figures presented here suggest that college is, on average, a better investment today than it was a generation ago but it is also a lottery with significant probabilities of both larger positive, and smaller or even negative, returns” (Avery).

Many Americans are still paying for college today, but why? Because student loans follow you until you absolutely pay them off. After a hard 4 years of college you feel like you have completed your journey and can move on to success but yet you still have to pay student loans for the rest of your life until they are completely paid off. “Debt causes graduates to choose substantially higher salary jobs and reduces the probability that students choose low-paid “public interest jobs” (Rothstein). We also find some evidence that debt affects students’ academic decisions during college”. Getting out of student debt can be done different ways one is paying your student loans while in college or paying for classes while attending college also. Student loans are very beneficial, but they also are a bit too much for a college graduate to handle.

With the research I’ve done I have come to conclusion on why we have student loan debts and what could possibly be a better resolution than student loans. Student loan debts are one of the biggest problems we face today as young adults, why can’t student loans be wiped out after a long couple year of hard work? I don’t agree with repaying student loan debts I think that college should be free honestly. “While student loans promote human capital accumulation and help drive economic growth, the sheer magnitude of the market and the steep rise in delinquency rates constitute an important public policy issue, with implications for the nation’s economic and financial well-being.

So, it is surprising that few studies have examined the evolution of borrowing patterns over recent decades or attempted to break out the aggregate data on student loan performance by type of institution or degree pursued”. (Brown) Doing my research I have found major points about student loans and student loan debts. Student loans are the reason why many Americans are in debt today and students’ loans should be wiped out after graduating college.

Source Page

  1. Avery, Christopher, and Sarah Turner. 2012. ‘Student Loans: Do College Students Borrow Too Much–Or Not Enough?’ Journal of Economic Perspectives, 26 (1): 165-92.
  2. Jesse Rothsteinac Cecilia Elena Rouseb University of California, Berkeley, United State Princeton University, United States
  3. NBER, United States Received 1 December 2008, Revised 29 September 2010, Accepted 30 September 2010, Available online 15 October 2010.
  4. Brown, Meta – Author, Chakrabarti, Rajashri – Author, van der Klaauw, Wilbert – Author, Zafar, Basit – Author. Journal title: Federal Reserve Bank of New York Economic Policy Review. Volume: 25. Issue: 1 Publication date: December 2019. Page number: 35.
Problem of Student Loan Debt essay

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