The Nationwide Student Debt Crisis - 967 Words

Fact or Fiction: The Nationwide Student Debt Crisis In the United States, it is generally accepted that college (or any form of higher education for that matter) is a wise investment that each and every individual should strive for. Each and every year thousands of parents open college funds and future investment plans to ensure that once their child is of age he or she can participate in quality educational programs. While college attendance rates are at a positive all-time high, right behind it follows an astounding $1.3 trillion dollars in student loan debt. Let’s face it, college is expensive, and it’s only getting worse. Could the outstanding quantity of student loan debt be the next national crisis? Individuals dealing with student debt are postponing marriage, childbearing and home purchases, and pretty evidently limiting the percentage of young people who start a business or try to do something entrepreneurial, said Mitch Daniels, president of Purdue University and the former Republican governor of Indiana (qtd. in Holland). Because it’s almost universally accepted that college is the key to success, students are finding themselves falling head-over-heels in large amounts of student debt justified only by these universal standards. Student debt doesn’t just burden the individuals who are liable, the sheer amount of debt has begun to rattle institutions and financial patterns that are at the core of American society (Holland). Money isn’t the only issueShow MoreRelatedFinancing For Loan And Debt Crisis1269 Words   |  6 Pagestoday, the total consumer debt was $11.52 trillion, and of that, student loans account for $1.08 trillion and that number is growing larger and larger every year (Hiltonsmith, Robert). A large portion of the population undoubtedly feels the burden of these statistics. Seven out of every ten college seniors has reported having to take out one or multiple student loans so that they can to afford to go to college (Hiltonsmith, Robert). The results of this outstanding amount of debt does not just affect theRead MoreStudent Debt Crisis And The Housing Crisis920 Words   |  4 Pagesthe United States: student debt is at an all-time high. For the first time in mid- 2013, student debt rose to 830 billion, surpassing the credit-card debt (Clemmitt). Many economists and scholars compare the student debt crisis to the housing bubble, which resulted in a nationwide recession 2008. In a senate hearing regarding the current student debt crisis, Illinois Attorney General Lisa Madigan said, â€Å"The warning signs are there, just like they were before the housing crisis, and congress needsRead MoreStudent Loan Debt Is A Burden1467 Words   |  6 PagesHave you ever heard of debt? Most people in today’s society have, but what about student loan debt? For too many Americans, student loan debt is a burden; there may be too much interest, not enough income, and a struggle to handle previous bills while staying on time with college payments. According to the Consumer Finance Protection Bureau in the United States, the total amount of student debt amounts to over $1 trillion. In the article â€Å"Here’s Your Crisis: Student Loan Debt Isn’t a Myth† (2013) ChrisRead MoreStudent Debt Crisis And Its Effects On The Economy1586 Words   |  7 Pagesstudent debt crisis has reached an all time high with debt reaching a total of 1.3 trillion dollars across the United States.With tuition cost increasing,lack of scholarships and unpaid back loans,student debt will continue to increase even higher.The enormous amount of debt put upon each student creates the inability of those students to help the economy grow.Our economy as we know it is a loop and decreasing the student debt significantly will help the economy grow.Instead of putting that moneyRead MoreSolving The Student Debt Crisis Essay1609 Words   |  7 PagesThe student debt crisis has reached an all time high with debt reaching a total of 1.3 trillion dollars across the United States.With tuition cost increasing,lack of scholarships and an increase of government loans,student debt will continue to increase.The enormous amount of debt put upon each student creates the inability of those students to help the economy grow.Our economy as we know it is in shambles and decreasing the student debt significantly will help the economy grow.Instead of debt owersRead MoreStudent Loan Debt Is Not Just Harming Students1393 Words   |  6 PagesEach semester the student loan debt increases, and the scary part is that in some cases students will never be able to pay off their debt. Previously, young people would attend college to increase their chances of success in the future; however, now a days it seem like it is more of a financial burden than an investment for the future.{If something is not done to manage the increasing student loan debt, the economy as a whole will also fall i nto a financial crisis}. Something needs to be done aboutRead MoreEssay On Credit Card Act1570 Words   |  7 PagesDue largely in part to the government’s strict regulations, credit card companies should not be at fault for the student credit card debt crisis. Credit card companies remain blameless for student credit card debt as a result of three relevant titles in The Credit Card Act of 2009: consumer protection against increases in rates, revised notices, and specific regulations regarding students under 21. Amended in 2009, The Credit Card Accountability, Responsibility, and Disclosure Act was a push from theRead MoreThe Problem Of Higher Tuition855 Words   |  4 PagesDuring the last few decades, a recent trend has been occurring: students are increasingly acquiring more student debt. According to the College Board and U.S. Census data, over the last few decades, the cost of a 4-year college degree has risen by 250 percent (Washington and Salmon 38). According to the same data, the average family income has only risen 16 percent during that time period (Washington and Salmon 38). This information proves that there is a serious problem going on, as there is clearlyRead MoreThe Importance of Education in Improving the American Economy1133 Words   |  5 Pagespackage signed by Obama will initiate an optimistic future for the United States. Several prominent ideas which will influence our economy the most are the housing, tax, and unemployment benefits. These will allow adults of all a ges to climb out of the debt they have encountered. By providing a small amount of financial aid to those who are first time homebuyers and unemployed citizens, we will enlarge their income and excite their buying habits. With this, both the housing and business market will amplifyRead MorePaper791 Words   |  4 Pagesbreakthroughs spawned the growth of the healthcare segment of the American economy (Shi, Singh, 2017). With the raise of the influence of healthcare in the US the ability to profit as a participant in this sector has also grown and has led to near crisis level for the industry. The cost of financing healthcare in the US is a complicated topic with many interests groups shaping, regulating, and developing the overall umbrella that encompasses the industry. The primary groups responsible for shaping