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 (nces.ed.gov). 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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