Student Loan Crisis

818 Words 4 Pages
These days, it is common knowledge that college is expensive. Most who attend college must take out student loans to even afford it. Although some believe the student loan debt crisis is purely fictional, the student loan crisis should not be considered a myth like Chris Lewis and Layla Zaidane suggest in their article “Here’s Your Crisis: Student Loan Debt Isn’t a Myth.” Due to financial aid and students not taking advantage of student loans, people believe student loan debt should not be considered a crisis, while others argue high college tuition rates and the weak job market are reasons to believe it is a real problem. One reason people think the student loan debt crisis is mythical is due to the financial help students usually get. With …show more content…
During a 2012 study, it was discovered that one in six full-time college students that qualified for student loans were not utilizing them. Another study showed that families with low-income felt that college was too expensive and did not even make an attempt to apply. It was proposed that these families may have been frightened by the complicated financial aid documents (Allan.) While this is a fair point, it is possible that students may not know they qualify for student loans. This emphasizes the importance of educating students graduating high school about student loans in order for them to make an informed decision about attending college and enduring the expenses that come with …show more content…
Due to the fragile job market, people are not putting their degrees to use and are struggling to make the payments. Fifty three percent of college graduates are either unemployed or not using their degree. In ten years, it is projected that there will be more people with college degrees than jobs that demand a degree. Without a job, paying student loans off is virtually impossible. Between 2007 and 2012, federal student loan delinquencies increased by twenty seven percent. The default rate for student loans is currently ten percent, the largest percentage it has been in the past sixteen years (Lewis). With more families bringing home a lower income, public universities and two-year colleges have been more popular among students, meaning less people are getting bachelor’s degrees, something a lot of high-paying jobs, such as certain types of engineers, require (Kantrowitz). Due to the availability of jobs becoming scarce, people are having a lot more trouble paying off their student loan debt. This puts a burden on the former students as well as the economy in general. While some believe the student loan crisis is not real, according to “Here’s Your Crisis: Student Loan Debt Isn’t a Myth” by Chris Lewis and Layla Zaidane, the student loan debt crisis should not be considered a myth. Some might argue that financial aid and eligible people not using student loans are two reasons

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