Essay on Student Loan Debt Is Important?

1056 Words Oct 25th, 2015 5 Pages
Student loan debt is one very important topic when referring to a college education and life afterwards. Over the years, many students have been left to face problems socially, economically, and psychologically after their graduation. Many expect to get high paying jobs and a stable income, to payback their loans. However, that may not be as easy as it seems. Student loan debt is beginning to take over.
Student loan debt does not only effect an individual separately but can also affect taxpayers and the nation as a whole. Government officials may have to step in to help the situation. In 2013, there were bills for student loans presented to congress. The bills were the Student Loan Forgiveness Act and the Private Student Loan Bankruptcy Fairness Act. Although they would help Americans economically in the future, the bills had zero chance of passing. Unfortunately, there was “no reform program…on the legislative horizon…that would regulate lending practices of the Wall Street banks” (Ross). Instead of the government helping to reduce student loan debt, they work to make profit. The federal government lends money at high interest rates far from what was initially borrowed. As a result, the governments profit is “120 percent of every defaulted loan is recovered”(Ross). Without the governments support for consumer’s student loan debt, a bigger problem is created.
Now with student loan debt reaching over $1 trillion, students are finding it difficult to discover different ways…

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