The average college student graduates with over $25,000 in student debt, a 25% increase in the past ten years. The amount of student debt has risen at an alarming rate in the past decade. To put things in perspective, Americans owe more money in student debt than credit card debt. It’s important to closely evaluate the causes and effects of rising student debt in regards to its influence on America’s youth and economy.
The student debt crisis is more apparent today than ever before. With student loan debt in excess of 1.3 trillion dollars, and rising at a rate of 3,000 dollars per second, it is easy to see why so many consider this a crisis. This is affecting 43.3 million Americans who split the debt in a negative manner. In April, the Education …show more content…
Instead, students are forced to search for other alternatives. According to the New York Times, the average college graduate is in over $25,000 of debt. This debt tends to carry a glooming shadow over the student as they begin their life in the real world. The average student takes roughly 20 years to completely pay off their debt (Moore 1). With making around $51,000 a year right out of college, little of it can be spared for paying off their debt. By focusing on things such as taxes, housing, and general day to day spending, putting money aside for paying the debt off can take a long time. purchasing a home is often high on the graduates list of things to do. Although many try, few are able to succeed due to the fear of increasing their debt. According to research by the Federal Reserve Bank in New York, few 30 year olds have purchased homes now since the recession in 2008 (Payne 2). College debt does not only affect a student's life, but the economy as well. Due to fewer of the lower class attending college because of the fear of debt, the gap between the upper and lower class is rising. College graduates tend to come from middle to upper class. As these graduates get jobs, they tend to earn more than the average high school graduate. Along with the wage gap increasing, new business ventures are becoming more rare. The lack of money that college graduates have …show more content…
It's important that we treat this issue with the utmost urgency as it has significant economic and social effects. Going to college should help prepare a student for their future, not financially cripple them before they even start. Nobody should be in debt because they want to
The student debt crisis is more apparent today than ever before. With student loan debt in excess of 1.3 trillion dollars, and rising at a rate of 3,000 dollars per second, it is easy to see why so many consider this a crisis. This is affecting 43.3 million Americans who split the debt in a negative manner. In April, the Education …show more content…
Instead, students are forced to search for other alternatives. According to the New York Times, the average college graduate is in over $25,000 of debt. This debt tends to carry a glooming shadow over the student as they begin their life in the real world. The average student takes roughly 20 years to completely pay off their debt (Moore 1). With making around $51,000 a year right out of college, little of it can be spared for paying off their debt. By focusing on things such as taxes, housing, and general day to day spending, putting money aside for paying the debt off can take a long time. purchasing a home is often high on the graduates list of things to do. Although many try, few are able to succeed due to the fear of increasing their debt. According to research by the Federal Reserve Bank in New York, few 30 year olds have purchased homes now since the recession in 2008 (Payne 2). College debt does not only affect a student's life, but the economy as well. Due to fewer of the lower class attending college because of the fear of debt, the gap between the upper and lower class is rising. College graduates tend to come from middle to upper class. As these graduates get jobs, they tend to earn more than the average high school graduate. Along with the wage gap increasing, new business ventures are becoming more rare. The lack of money that college graduates have …show more content…
It's important that we treat this issue with the utmost urgency as it has significant economic and social effects. Going to college should help prepare a student for their future, not financially cripple them before they even start. Nobody should be in debt because they want to