Student Loan Debt Of College Essay

Student Loan Debt Of College Essay

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Would you do whatever it takes to make your dream come true? I know I would. Many chase what we call the “American Dream”. This dream is the one you have heard since we were all young. If you work hard and focus and go to school, you will succeed and be well set. They say to let nothing stop you, and seize the opportunity we are all given. While the opportunity in this case is college, we are all given the chance to attend and go to college. With the high costs of college however, not everyone can afford to go. Most students fall into this category. When students cannot afford college on their own, they must to student loans. According to the Institute for College Access and Success, “Seven in 10 seniors (69%) who graduated from public and nonprofit colleges in 2014 had student loan debt.” ( The staggering number of students who take out loans average $28,950 in debt upon graduation ( Due to the large budget cuts to universities and the growing numbers of students attending college to obtain a successful job, student loans have increased greatly in the number of students taking out loans as well as how much students are borrowing for their loans. The greatest affect of this is the struggle students face repaying their loans.
Student loans were first given out in the 1950’s, and become more regulated and official in the 1990’s. Largely since the mid 2000’s student loans have been increasing at a large rate. “Annual federal student loans increased from $105 billion in 2010 to $129 billion in 2012 (an increase of 23%) and are expected to grow to $161 billion in 2016 (an increase of 53% over 2010) (ibid.)”. A 50% increase in just over a five-year period is a cause for concern. If this trend continues at this same ...

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...n students are expected to graduate from high school in 2015–16, including 3.0 million students from public high schools and about 0.3 million students from private high schools ( Can you imagine if 90% of high school seniors in the United States attend college each year? That would be 2,970,000 students. If the large majority of students graduate with a degree, the rate of college degrees would sky rocket over a short period of time. Our knowledge and education levels would rise as a nation. All the money students didn 't have to spend on tuition and won 't be spending to pay back their loans will go into our economy. Imagine if the hundreds of billions of dollars students currently owe in debt wasn 't there, over time all that money would go into our economy. We would be creating a nation full of resourceful, intelligent and hard working human beings.

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