Student Loans In College Essay

Student loans are prone to ruin students’ personal lives, haunting them long after they have graduated. The choices that borrowers make during college and post-graduation can destroy their place in the society. The age group most affected by student loans is people in their 30s (Gorman). At this prime period of adulthood, many are not able to be active members in the society. The American Student Assistance conducted a survey that demonstrates the grave impact debt has on indebted students:

27%...said that they found it difficult to buy daily necessities; 63% said their debt affected their ability to make larger purchases such as a car; 73% said they have put off saving for retirement or other investments; 75% indicated that student loan debt affected their decision or ability to purchase a home; 30% responded that their student loan debt was the deciding factor, or had considerable impact, on their choice of career field; 47%

In 2009, the percentage of borrowers who dropped out was as high as 29% (Nguyen). This is significant because students’ primary reason to attend college is to acquire a degree, but it is hindered by loans. Those who both take out loans and dropout face a worse predicament: they lack a degree, and they owe money. For those who have the opportunity to finish college, debt still haunts them, as it “causes graduates to choose substantially higher-salary jobs and reduces the probability that students choose low-paid ‘public interest’ jobs” (Rothstein and Rouse 149). Consequently, students who are not able to acquire a high-paying job often remain unemployed. Unemployment hurts the public sector because it suppresses talents and services that a great deal of college students can potentially offer. The country could have benefitted in expanding the workforce and potentially encouraging innovations; instead, it seems to punish college students who are in