According to Collegedata.com, the average price of living moderately while attending an in-state, public college for one year is about $24,061. This value consists of tuition, fees, housing and meals, books and supplies, as well as transportation expenses. An eighteen year old who plans on studying at a university directly out of high school will not be able to raise this money individually, even with a part-time job. Many students receive scholarships or grants based on race, family history, etc.; however, most teens will turn to their parents for financial support. This causes international chaos because CNN determined that 40 million Americans who are finished with school are stuck in student loan debt (Ellis 1). Therefore, young students
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Most people can sympathize with those suffering from student loan debt because the majority of Americans who seek white collar jobs are affected by it. However, some critics believe that the solution to eradicating national student loan debt is for the government to stop issuing these loans. Others think that everyone should be enrolled in an IDR, an income driven repayment plan, upon graduating (Edwards 8). Still, there are some who believe that high student debt is good for the economy and that interests rates should be raised. However, a student loan is the “only type of loan Americans can use to directly invest in their long-term personal economic well-being” (Applebaum 1). Without student loans, people would not be able to give back to the economy because they will not be able to realize their career goals. The U.S. is currently 19 trillion dollars in debt and has been for years, yet the economy can still manage to operate past its means. American federal officials cannot fix this crisis on a national level simply by cutting funds for education and deriving people of their right to the pursuit of happiness through knowldege. The student loan process gives Americans the incentive to go to college in order to boost the economy as well as pay off their debts. If the federal student loan interest rate were lowered, the economy would prosper with more people gaining the incentive to pay back their student
Most people can sympathize with those suffering from student loan debt because the majority of Americans who seek white collar jobs are affected by it. However, some critics believe that the solution to eradicating national student loan debt is for the government to stop issuing these loans. Others think that everyone should be enrolled in an IDR, an income driven repayment plan, upon graduating (Edwards 8). Still, there are some who believe that high student debt is good for the economy and that interests rates should be raised. However, a student loan is the “only type of loan Americans can use to directly invest in their long-term personal economic well-being” (Applebaum 1). Without student loans, people would not be able to give back to the economy because they will not be able to realize their career goals. The U.S. is currently 19 trillion dollars in debt and has been for years, yet the economy can still manage to operate past its means. American federal officials cannot fix this crisis on a national level simply by cutting funds for education and deriving people of their right to the pursuit of happiness through knowldege. The student loan process gives Americans the incentive to go to college in order to boost the economy as well as pay off their debts. If the federal student loan interest rate were lowered, the economy would prosper with more people gaining the incentive to pay back their student