The Consequences Of Student Loan Debt
We the people should fight for the decrement of college tuition because if we don't, high tuition will continue a vicious cycle of generational debt. For many Americans, college is the land of opportunity and it is true. Parents reinforce how significant education is, and for many students, their goal after college is to live out the "American dream". On the other hand, many college graduates are deferring their dreams in place of something else, paying off their college debt. Many families across the USA are being bombarded with the difficult decision of pursuing a life full of student loan debt by allowing their children to attend a post-secondary institution. Education is an unescapable requirement for many Americans, and the "consequence"
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In 2012, 71% of all students graduating from four-year colleges had student loan debt" (ICAS 1). Not only is it hurting the economy, but it's hurting many parents, for the start of a new life will be differed. This "...increasingly heavy financial weight on twenty something’s means they are starting families later, buying homes later and it's taking longer for them to save" (Brenenman 9). An example can be displayed from the year "...2006, 51 % of student aid was in the form of loans, and the nearly $69 billion in federal loans" (Dowd 232). With this number, the explanation for deferment seems logical. Parents hope that their children will eventually live on their own. Graduates are expected to become independent by the age of 23, however the age is being extended because of the tuition increase. This concept is becoming the "norm" in our modern day …show more content…
The situation will start to affect everyone. If we don't stop it soon, we will develop into a domino effect society. Expert Zandi explains his hypothesis if in"...next recession, we see a lot of credit issues that become a significant taxpayer problem" (9). The first people to experience the effect will be low income graduates. Colleges will "...dampen the college aspirations of students from lower socioeconomic classes, who are at greater risk of default and high repayment burden" (Callender & Jackson, 2005; Gladieux & Perna, 2005). The problem will increase drastically, and soon only the 1% of privileged people will be able to afford
In 2012, 71% of all students graduating from four-year colleges had student loan debt" (ICAS 1). Not only is it hurting the economy, but it's hurting many parents, for the start of a new life will be differed. This "...increasingly heavy financial weight on twenty something’s means they are starting families later, buying homes later and it's taking longer for them to save" (Brenenman 9). An example can be displayed from the year "...2006, 51 % of student aid was in the form of loans, and the nearly $69 billion in federal loans" (Dowd 232). With this number, the explanation for deferment seems logical. Parents hope that their children will eventually live on their own. Graduates are expected to become independent by the age of 23, however the age is being extended because of the tuition increase. This concept is becoming the "norm" in our modern day …show more content…
The situation will start to affect everyone. If we don't stop it soon, we will develop into a domino effect society. Expert Zandi explains his hypothesis if in"...next recession, we see a lot of credit issues that become a significant taxpayer problem" (9). The first people to experience the effect will be low income graduates. Colleges will "...dampen the college aspirations of students from lower socioeconomic classes, who are at greater risk of default and high repayment burden" (Callender & Jackson, 2005; Gladieux & Perna, 2005). The problem will increase drastically, and soon only the 1% of privileged people will be able to afford