Student Debt Affecting College Student Loans
Student loans become something that students have to worry about for the rest of their lives. Debt will affect a lot of things in their life that college students don’t think about. A lot of students do not realize that they must back the loan plus interest, the interest on some loans can end up being more expensive than the loan itself. After school, they must find a job, pay for living expenses, and pay off their loans. People take on massive amounts of debt and they don’t think of the consequences. They end up with so much debt that it takes them their entire lives to pay off the loans and money they borrowed. Dwyer, et al. writes that taking out loans makes it more likely that a student will complete college, to a point. Students who keep
adding or take on a massive amount of debt will not get their degree and drop out of college (1136). If Dwyer is right and they drop out of school without their degree than they will have to find a job in a different way, but they will still have to pay for their loans. Their loans do not go away because they drop out, they still have to pay for them and they won’t have as many job opportunities either. They will be starting from the beginning but with the debt they should have finished with. The smart thing to do would have been to limit their spending and only taken out a small loan. However, how will a student know that they should only take out a small loan if they were never taught about finances? Elliott, talks about whether student loans are worth it, writes, “A college education should offer to all graduate’s similar opportunities to achieve financial success in the long run. High student debt loads may impede some students from reaching this goal, creating differential costs for graduates’ balance sheets that weaken the ability of education to act as an equalizer” (31). If students take out more debt than they will be paid from their future career than they will never be able to pay it off, that is why they must be careful with their money and carefully choose whether they should take out any loans.
adding or take on a massive amount of debt will not get their degree and drop out of college (1136). If Dwyer is right and they drop out of school without their degree than they will have to find a job in a different way, but they will still have to pay for their loans. Their loans do not go away because they drop out, they still have to pay for them and they won’t have as many job opportunities either. They will be starting from the beginning but with the debt they should have finished with. The smart thing to do would have been to limit their spending and only taken out a small loan. However, how will a student know that they should only take out a small loan if they were never taught about finances? Elliott, talks about whether student loans are worth it, writes, “A college education should offer to all graduate’s similar opportunities to achieve financial success in the long run. High student debt loads may impede some students from reaching this goal, creating differential costs for graduates’ balance sheets that weaken the ability of education to act as an equalizer” (31). If students take out more debt than they will be paid from their future career than they will never be able to pay it off, that is why they must be careful with their money and carefully choose whether they should take out any loans.