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Student loan debt crisis essay
Student loan debt has become a pressing issue
Outline for student loan crisis
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This article by Neal Cutler discusses the several financial factors the millennial generation currently deals with. As of 2015, the millennial generation is bigger than the baby boomers with 83.1 million. With such a large number, we must look at how this generation will affect politics, society, and the economy. Researches have noticed that millennials are better educated than any other generation. However, they tend to have lower earnings and are more likely to live in poverty. They also have significantly higher student loan debts and levels of unemployment, with much lower personal incomes. It seems that, although they are more educated, the cost of this schooling is burying millennials in debt. Only 42% of millennials now consider
Martin and Lehren’s article “A Generation Hounded by the Soaring Cost of College” addresses the issue faced by current and former college students dealing with large amounts of debt due to student loans. The article presents the reader with stories of former college students who have either graduated or dropped out, and their struggle to pay off their student loans. The article also talks about issues such as students not being informed about high amounts of student loans and why student debts have increased. Martin and Lehren also make the issue of student debt more intimidating by giving examples of high amounts of student loans students have had. The article gives a very hard reality check to anyone reading as to how bad the problem of student debt is.
An education is one of the most important tools a person can acquire. It gives them the skills and abilities to obtain a job, earn a wage, and then use that wage to better their lives and the lives of their loved ones. However, due to the seemingly exponential increase in the costs of obtaining a college degree, students are either being driven away entirely from earning a degree or taking out student loans which cripple their financial prospects well after graduation. Without question, the increasing national student loan debt is one of the most pressing economic issues the United States is dealing with, as students who are debt ridden are not able to consume and invest in the economy. Therefore, many politicians and students are calling on the government to forgive their student loan debts so that through their spending the slowly recovering economy can finally return to its pre-2008 strength.
For the past decade, The United States has stressed the importance of college education, to those seeking employment, and better careers. For most people, college is the logical next step in education, as it provides a working knowledge of a desired field and opens the door to many opportunities, but college has become increasingly more expensive as time goes on. Many people feel that college is no longer an option financially. Even with financial aid and scholarships, the cost of a college education can still be very taxing. This is due to massive price increase across the boards, but the main issue on most people’s minds is the debt that will be acquired from higher education.
Millennials are well on their way to redefining the “American Dream.” In a world where they have to constantly exercise critical thinking to financially survive the debts the average Millennial life incurs, suggesting that their reluctance to fall into the status quo will hurt them is a stagnant, inflexible view. It only hurts those entrenched in a narrow worldview limited to one accepted lifestyle and standard of living. To this life, Millennials are thoroughly disillusioned. They’re causing all these economic ‘problems’ because they aren’t buying into the hazy suburban complacency that the traditional dream represents. It’s not just that it costs too much to get there, it’s mostly that it’s hardly achievable. Contemporary high school is less of a system for education as it is an Olympic triathlon. Students must jump through every well-nigh arbitrary hoop, competing against each other for the most scholarship money based on the right opinion said in the right words. Who was in the most meaningless clubs at the same time? Who happened to attend a school with the most extra-curricular activities or AP courses? When school – that
The second chapter of this book advocates students to attend college, even if they must take on a moderate amount of student loan debt. They give statistics showing the tremendous gap in wages between a college graduate and a non-college graduate. The third chapter of this book argues the opposite viewpoint of the second chapter. The author states that the cost of college today is too high and that there are too many college graduates flooding the job market causing many of them to go unemployed or seek low level jobs that do not pay enough to pay off their student loans. Both of these chapters will help me to show the two main ...
Children of the twenty first century spend nearly 13 years in school, preparing for what is college, one of the only ways to achieve the so-called “American Dream”. College is the best way to start an advanced career and go further than one possibly could if college degrees were not available, allowing people to achieve their view of the American Dream; whether it be large houses, shiny cars, multiple kids, or financial comfort, college is the stepping stone to achieve the American Dream. But all great things come with a price, college dragging along debt. Students who attend college struggle to find ways to pay for it, leading to applying for student loans. These loans a great short term, paying for the schooling at the moment but eventually the money adds up
As Andres Tapia mentioned, “ To be young is to be experienced”. Millennials have a different perspective about how to success in life. Since millennials are born during this current era, they have an advantage over people that were born before. With the inclusion of technology, it is easier to learn and apply new knowledge than before. A good example is the “Apps”. It is only necessary to create an app that attracts the interest of many consumers to start making money. Finally, Millenials have the ability to adapt and evolve. Millenials are the representation of
In that year, the number of college graduates was only 432,058 (Sourmaidis) and ever since the demand continually increased as did price. This trend allowed for the student loan crisis to occur, which is a problem we face today. As of 2016, American students have accrued a massive 1.3 trillion in student loan debt. Just 10 years ago, the nation’s balance was only $447 billion (Clements). This ever-present cumulative burden has caused many post graduate Americans to delay important life events such as marriage, homeownership and children because of this substantial encumbrance (Clements).
The #1 thing that makes the millennial generation different from the others, is the advancement of technology. Other generations had a need of staying focused just as Julie does, while people like Maggie from the millennial generation has the urge to multitasking which can be a distraction depending on what needs to be done. Lastly, millennial looks forward to the latest trends and staying up-to date with the latest gear and technology, while other generations were more traditional and stuck with the culture they were born into or
Everyone knows that going to college and getting a degree is the most effective and guaranteed route to ensure a prosperous financial future, right? College is considered by most to be the best investment you can make in life, but what happens when that investment leaves you drowning in thousands of dollars in debt right after graduation day. This is the situation that millions of college graduates are faced with in 2016. Rising college tuition perpetuates student debt and is on a sharp incline and it seems to have no ambition of ever slowing down. The effect of this catastrophe is felt by millions of families across the country who now question, “is college really worth it?”
One major reason millenials are not projected to do as well as the current Generation X is a financial one. According to David Leonhardt of the New York Times, “The typical American household made less money last year than the typical household made a full decade ago,” while the “median household [income] fell to $50,303 last year [2009] from $52,163 in 2007.” (Leonhardt, par 1-2). This is a major problem, considering the cost of living and inflation are continuously on the rise. Millenials are the most educated generation in American History. This may sound like a fantastic prospect for the future; however, the average debt for graduates of public (notice this is not a statistic for private schools, which are even more costly) universities doubled between 1996 and 2006. In f...
Over the last few decades, college tuitions and fees have increased by over one thousand percent, surpassing every category associated with the cost of living including food and medical. This unprecedented rise in cost has resulted in an avalanche of issues for young and middle-age adults. As, a result of steep student loan amounts, graduates are being forced to move back with their parents, fewer young people are becoming homeowners, they are delaying retirement saving, and are dropping out of college at an alarming rate of nearly fifty percent. With all the controversy surrounding the topic of increasing college cost, the revised income-driven repayment program has been created to help borrowers pay back student loans according to their income.
With the ever-increasing tuition and ever-tighten federal student aid, the number of students relying on student loan to fund a college education hits a historical peak. According to a survey conducted by an independent and nonprofit organization, two-thirds of college seniors graduated with loans in 2010, and each of them carried an average of $25,250 in debt. (Reed et. al., par. 2). My research question will focus on the profound effect of education debt on American college graduates’ lives, and my thesis statement will concentrate on the view that the education policymakers should improve financial aid programs and minimize the risks and adverse consequences of student loan borrowing.
Critics of this generation have some pretty negative things to say about the Millennials, which are being interpreted in a way that is casting a shadow on their future in politics. Joel Stein, writer for Time magazine, calls them “lazy, entitled, selfish, and shallow” and defends that claim with “the incidence of narcissistic personality disorder is nearly three times as high for people in their 20s as for the generation that’s now 65 or older” (Stein 28). Those critics then take that idea and assume that they will not get up and vote. They then take it even further and...
In his May 2013 editorial for Time Magazine, “Millennials: The Me Me Me Generation,” Joel Stein explains his viewpoint on millennials, defined as people born 1980 through 2000. Using an occasionally humorous tone, Stein summarizes the typical bleak view that older people have for the younger generation, before offering what he believes is closer to the truth. In the end, he decides that while millennials are not without their flaws and vices, a lot of the fears that older people are mostly due to the advanced technology that we are now dealing with. By the end of the article, it is my opinion that Stein makes a very fair summarization and is correct in his idea that to write off the entire generation is unfair towards younger people.