Essay On Student Loan Crisis

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Student Loan Crisis: Fact or Fiction? The student loan crisis is not a myth considering that many students leave college owing enough money to pay for a house or vehicle in full or put one or two of the payments down. The average debt of college students in the United States is rapidly rising and getting more unreasonable over time. Student loans are also causing some economic problems. The cost of college is so outrageously high that many young adults cannot afford the payments. The student loan crisis is an extraneous problem that needs to be fixed. The debt of college students is getting higher and harder to pay back. “Overall, in the United States, the average debt is $30,100 per borrower. The average college debt of Alabama’s students is $29,153 for the year 2015. That is four percent higher than 2014” (Peterson’s). That is not the exact number a student will pay because the loans will collect interest over time and that will make the cost double or even triple depending on how long it takes that student to pay the money back. …show more content…

The economy thrives off the middle class working people, but with a large number of college graduates in tens of thousands of dollars in debt, it causes the middle class to shrink. Many students will not even use the degree they earned in the job they have. Students are forced to settle and are barley scrubbing by with low income jobs because being a waitress, body shop hand, bartender, retail associate, etc. will not pay for utility bills, rent, and college fees. An abundance of students have to work full time jobs to pay a small fraction of what they owe monthly. Debt also effects local businesses, because when people do not have the money to pay for goods and services provided by business owners it forces the businesses to shut down. If enough businesses shut down, then it could cause the economy to crash. College debt affects the economy is a major

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