Student Loan Myth
Is the Student Loan Crisis a Myth?
Many Americans in today’s society believe the student loan crisis is a myth; however, that is far from the truth. College students all over the United States are in debt because of their student loans. There are many reasons as to why the overall student loan debt is now well over one trillion dollars. The cost of college tuition alone has more than doubled within the last three decades. Which, as a result, makes the amount of money students are borrowing increase also.
Nearly every American knows someone who has student loan debt. According to marketwatch.com, ”About 40 million Americans hold student loans and about 70% of bachelor’s degree recipients graduate with debt” (Berman America’s). More people graduate with debt than those who graduate with no debt. Often times Americans cannot afford the rising tuition prices, so they will get financial aid from companies who will provide …show more content…
However, Chris Lewis and Layla Zaidane state, “Fifty-three percent of recent grads are unemployed or not using their degree” (Lewis and Zaidane 587). A decade from now, there will be more Americans with degrees than actual jobs available in the workforce. Graduates may not be able to secure a job that would allow them to fulfill their student loan obligations. College can be a good investment if you are able to pay off your debt in a reasonable amount of time, but for low income students it is a dangerous investment.
The student loan crisis is anything but a myth. The rising cost of college tuition creates a hardship among students and their parents. Most graduates carry their student loan debt well into their late thirties. Some people do not have the option of attending college simply because of the financial burden that it creates. The student loan crisis is far too real for those who aren’t willing to have the financial
Many Americans in today’s society believe the student loan crisis is a myth; however, that is far from the truth. College students all over the United States are in debt because of their student loans. There are many reasons as to why the overall student loan debt is now well over one trillion dollars. The cost of college tuition alone has more than doubled within the last three decades. Which, as a result, makes the amount of money students are borrowing increase also.
Nearly every American knows someone who has student loan debt. According to marketwatch.com, ”About 40 million Americans hold student loans and about 70% of bachelor’s degree recipients graduate with debt” (Berman America’s). More people graduate with debt than those who graduate with no debt. Often times Americans cannot afford the rising tuition prices, so they will get financial aid from companies who will provide …show more content…
However, Chris Lewis and Layla Zaidane state, “Fifty-three percent of recent grads are unemployed or not using their degree” (Lewis and Zaidane 587). A decade from now, there will be more Americans with degrees than actual jobs available in the workforce. Graduates may not be able to secure a job that would allow them to fulfill their student loan obligations. College can be a good investment if you are able to pay off your debt in a reasonable amount of time, but for low income students it is a dangerous investment.
The student loan crisis is anything but a myth. The rising cost of college tuition creates a hardship among students and their parents. Most graduates carry their student loan debt well into their late thirties. Some people do not have the option of attending college simply because of the financial burden that it creates. The student loan crisis is far too real for those who aren’t willing to have the financial