Student Loan Debt Crisis : A Growing Concern Essay
Student’s debt crisis is a growing concern in America. Debt crisis is a general term for accumulated money owed relative to income or revenue. Students are finding it difficult to self-fund their education because of rising costs of college. Many students turn to student loans for further education in an attempt to achieve success. In the process of completing their degrees, students accumulate extremely high debt and struggle to pay it back. It is one of the highest debt many American with college degrees face as they begin their life. Some may argue that the cost to attain college degrees is not worth the debt accrued along the way. The student loan debt may have an effect for future economic growth.
Debt allows students, who cannot afford education, to go ahead and pursue their dreams. It allows a person from the lowest economic class to study in some of the top educational institute. It opens up opportunities for students, which many times is based on attainable capabilities and not affordability. It helps build an economy that is more unified than divided by class. Having said that, the higher financial risk associated with debt should not be ignored. In America, there has been an alarming rise in student loans in the last decade. There are a few important facts about this crisis that needs to be discussed first.
The number of student-loan borrower increased by 89% from 2004 to 2014 (Verschoor, 2015).…