The Increasing of the Student Loan Debt Essay Example
Firstly, according to Ulbrich, Timothy R. explains some of the problem students, with debt faces. Student debts crisis decrease the ability for an individual to be able to afford things such as cars, first homes, and many more. While some renters can’t afford to purchase homes, other millennials with student loan debt can’t afford to rent apartments. Across the board, 21.6 million young adults between the ages of 24 to 34 are living at home with their parents.
This is a much larger number than in previous generations. Many of these young adults aren’t leaving the nest because they aren’t making enough money to pay back their student loans and pay rent. The student debt crisis affects the school as well and not only the student’s future. ‘’Average student loan debt at graduation has been growing steadily over the last two decades. In 1993-94, about half of bachelor’s degree recipients graduated with debt, averaging a little more than $10,000. This year, more than two-thirds of college graduates graduated with debt, and their average debt at graduation was about $35,000, tripling in two decades.’’
In addition, another problem of the student debt crisis is, it affects a career choice of the student. Student debts crisis affect more than your standard of living and your goals in life, it determined which dream you need to pursue. For example, you might have the crave to work in a very big business organization; however, you are likely to forgo those goals for a job that pays more to cover your student loan payments. The student debt crisis also affects the credit score of the student.
Furthermore, According to Rep. Hansen Clarke, D-Mich, he explains some solutions that can reduce student debt crisis such as, the college must help students and their family understand the debt they are taking. The college financial aid intuition should be able to provide more information and critical details when borrowing or taking a loan. Due to that, student and their family will be able to know the consequences of what they are taking.
Another way to reduce student debt is, colleges must give a better tool to limit student borrowing. For example, college financial aid administrators must be permitted to reduce federal loan limits based on the student’s enrollment status and academic major. Students who are enrolled half-time should not be able to borrow the same amount as students who are enrolled full-time.
In conclusion, why student debt crisis, how it affects the individual and some solution to reduce it. Some of the problems are; it affects the student chance of getting a car, home. However, it affects the student career choice, and lastly it affects the student credit score. Some of the solutions that reduce student’s debt are, the college must help students and their family understand the debt they are taking, and colleges must give a better tool to limit student borrowing.