Student Loan Debt Of College Essay

Student Loan Debt Of College Essay

Length: 2013 words (5.8 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

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.” (ticas.org) The staggering number of students who take out loans average $28,950 in debt upon graduation (ticas.org). 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 ...


... middle of paper ...


...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.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Student Loan Debt And The Reasons Why So Many College Students Essay

- Clemmitt, Marcia. "Student Debt." CQ Researcher 21 Oct. 2011: 877-900. Web. 29 June 2016. This first source is from an Academic Journal via Rio Salado Community College. It goes into great detail about student loan debt and the reasons why so many college students have such a high bill to pay once they graduate. One of the reasons student loan debt is so high is because the tuition that continues to increase annually. The author explains a cycle of receiving more money from students which in turn causes them to make improvements to the school to be more appealing to perspective students....   [tags: Debt, Loan, Default, Money]

Better Essays
1086 words (3.1 pages)

Essay on Free Application For Federal Student Loan Debt

- Every parent dreams of sending their child off to college; many students also reciprocate this dream. The fact of the matter is not every parent can afford to send their high schooler to receive a higher education and not every incoming college freshman wants to take on the debt they will soon have in four short years. The Institute of College Access and Success states, in 2014, roughly 70 percent of college graduates, from both public and private institutions, had student loan debt. The average debt was around $28,950....   [tags: University, Higher education, Education, College]

Better Essays
1561 words (4.5 pages)

Student Loan Debt Essay

- Student Loan Debt It is a norm and expectation in society today for students to pursue higher education after graduating from high school. College tuition is on the rise, and a lot of students have difficulty paying for their tuitions. To pay for their tuitions, most students have to take out loans and at the end of four years, those students end up in debt. Student loan debts are at an all time high with so many people graduating from college, and having difficulties finding jobs in their career fields, so they have difficulties paying off their student loans and, they also don’t have a full understanding of the term of the loans and their options if they are unable to repay....   [tags: tuitions, college, financial aid]

Better Essays
1739 words (5 pages)

College Tuition Are Going Into Trillion Dollar Loan Debt ( Desrochers 1 )

- College tuition is skyrocketing and students are going into trillion dollar loan debt (Desrochers 1). Students are trying to learn where the money is going to because it can 't all be spent on books and rooming fees. How are the professors getting paid. The money the universities use to pay their high priced professors is coming straight out of the tuition from registering students. Why is it that tuition at public four-year colleges and universities have increased dramatically by nearly 160 percent since 1990....   [tags: University, College, Student, High school]

Better Essays
1860 words (5.3 pages)

Essay on Student Loan System For College Students

- Student Loan System Throughout the ages, society has evolved to overcome the challenges it faces from one generation to the next, by learning and advancing further than the previous ones. It has undergone a vast number of changes; however, mankind has never undermined the importance and necessity of a complex and well-educated society. Moreover, it is the duty of each one of us to make sure that the next generation takes a step further than the previous one. With this in mind society has understood the importance of higher education for the future....   [tags: Debt, University, Education, Academic degree]

Better Essays
1214 words (3.5 pages)

The Problem Of Student Loan Debt Essay example

- Student loan debt makes up a large portion of the debt in this country today. Many defaulted loans are the demise of high interest rates, poor resources to students in educating them on other avenues and corruption in the governmental departments that oversee education and financing. There are many contributing factors that lead to the inability to pay off student loans which need government reform to protect the borrower’s best interests. Before World War II student loans did not exist. After the war people started chasing the American dream....   [tags: Debt, Loan, Default, Student loan default]

Better Essays
1728 words (4.9 pages)

The Problem Of Student Loan Debt Essay

- Employers consider a degree necessary for getting a job at their company. However, not many people can afford college. The solution is to take out loans, then college becomes affordable. These loans create a whole different issue, student loan debt. This can affect people their whole lifetime and has been happening for years upon years. But, in the more recent years America is starting to shed more light onto the issue and are becoming curious on why colleges charge twenty five thousand dollars, or more, for a year of education....   [tags: Debt, University, Education finance, Education]

Better Essays
1125 words (3.2 pages)

Student Loan Debt Should be Forgiven Essay examples

- Does the amount of student loan debt have an effect on the economy. If so would forgiving student loan debt help lower the national debt or would it just increase it. According to Mary Claire Fischer, a writer for Kiplinger’s Personal Finance magazine, “two-thirds of students who receive bachelor’s degrees leave college with an average debt of twenty-six thousand dollars” (Fischer). This means that the average student debt has doubled since 2007 (Ross 24). The total student loan debt is $1.2 trillion with $1 trillion being from federal student loans (Denhart)....   [tags: Student Loan Debt Essays]

Better Essays
1255 words (3.6 pages)

The Student Loan Crisis Is Not A Myth Essay

- The student loan crisis is not a myth considering the average debt of a college student is equivalent to someone buying a new car. Students today average a debt around $23,000-$33,000 along with student debt rising to $1.2 trillion ("Heaviest U. Debt Burdens Fall on 3 Types of Students"). The rise in student loans have proven not just a problem for students but also an economic and political problem. College debts also have frightened the future students into not applying for college. Almost half of all adults 18-34 cannot afford the price of college anymore ("Here 's Your Crisis: Student Loan Debt Isn 't a Myth")....   [tags: Debt, University, Money, Loan]

Better Essays
747 words (2.1 pages)

Essay Student Debt And Its Effects On The Economy

- Two-thirds of all students graduating from American colleges and universities are graduating college with different levels of debt. According to The Institute for College Access and Success (TICAS) the average the student loan debt is at it’s lowest $26,000 and the most can be up to $100,000. College loan debt is not only negative for the students, but for the economy as well. Student loan debt has reached its highest point at 1.2 trillion according to the Consumer Financial Protection Bureau. As of 2015, student debt is the ranked second highest in the country from consumer debt behind mortgages....   [tags: Debt, Education finance, Student loan, Loan]

Better Essays
1146 words (3.3 pages)