Students Loans: The Borrower is Slave to the Lender

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Student loans have been around helping college students since 1958 in the United States of America because of President Dwight Eisenhower. Financial support especially temporary support, which is student loans for college students, has played a huge role in how many people go to college. When an individual is approved for a loan he or she is responsible to pay the amount due to the lender and more because of the high demand in interest rates. Student loan debt has become an epidemic in the United States of America. There are many different types of student loans some of which do not have to be paid until the student graduates college and some that do need to be paid during the student’s college career. Although college students are aware that they are borrowing money for college to eventually pay it back, the student loan debt takes over every other priority in the college student’s life.
College students become discouraged and demotivated to go on to the next journey in their lives after they graduate college once they see the horrible student loan debt they are in. A 2002 study found that 17 percent of student loan borrowers reported their loans had a significant impact on their career plans (Baum). In addition, 52 percent of people said they either strongly or somewhat agreed with the statement that their “need to pay student loan debt is hampering my ability to further my career” (Lanza). When someone borrows money, it immediately pushes back the individual’s life and becomes a priority before many things to continue their life journey. A survey recently conducted by American Student Assistance (ASA) found that those with student debt are delaying decisions to buy a home, get married, have children, save for retirem...

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Pardo, Rafael I., and Michelle R. Lacey. "The Real Student-Loan Scandal: Undue Hardship Discharge Litigation." The American Bankruptcy Law Journal 83.1 (2009): 179-235. ProQuest. Web. 4 Mar. 2014.

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