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Many high school graduates and young adults often feel pressured to pursue a college degree or attend college for the ‘experience’ itself. However college tuition is at an all time high and student loan debt is at its peak so much so it’s drawing the country’s attention. People like Josh Kirdy a college graduate, are hustling to try and keep up with their student loan debt. When Josh is not laboring as an assistant retail manager which he does full time at Universal Orlando, the 26-year-old is on the lookout for side work and opportunities to make more cash, for example dog sitting and any hours he can get in at his local mall. Business Insider says: “He formulated this ‘juggling act’ to put money towards his thirty seven thousand dollar student loan debt”. “I’m happy with my life today and with the education I received, but it’s unfortunate that I’ll be paying for it for another seven years at least”, Kirdy, who took part in a four year public institute. Based off Business Insider, Kirdy is on track to reimburse around three hundred a month in student loan payments until he is thirty five.
According to Business Insider, college tuition has doubled if not more since the 1980’s. “More than 45 million Americans with student loan debt and contributing to a whopping national total of $1.5 trillion”, according to student loan hero. “The average student debt per graduate who took out loans is higher than ever, at twenty nine thousand eight hundred”. “I feel like buying a house is a total pipe dream at this point in my life, but I’m tightening my belt as much as possible to save for a down payment right now”, is a statement from a water resources engineer, one who graduated from a public university with a rough estimate of twenty five thousand in debt. A man by the name of Boone Porcher owes $32,645 after five years at a public university. He began “paying double his minimum payment two years after graduating in order to pay off his debt in a time span of five years’. What’s led to this?
When looking into student loan debt it’s hard not to come across debt.org where it says that “student loan debt is accelerating so fast that it has become a burden on the U.S. economy. The Federal Reserve Bank of New York said in February of 2017 that student loan debt rose for the 18th consecutive year and that borrowing for higher education has doubled in just eight years”. In an article on debt.org it states: “Student loans are an issue in the 2020 presidential campaign as Democratic candidates compete with ideas to lower the burden on borrowers. There are good reasons for the concern. Soaring student loan debt has been correlated with delayed marriages, a drag on new business formation, a reluctance of Millennials to buy homes, an inability to build emergency funds and delays in building retirement savings accounts”.
“Unlike most other forms of debt, student loans aren’t dischargeable through bankruptcy, this means borrowers are obligated to make payments even if they don’t have the income”. “People default for a variety of reasons, but job loss or failure to land a position that pays enough to make loan payments are common problems. Student debt is a multi-generational problem”. Willing parents, grandparents and so on sign their names on loans. “If the student can’t afford to pay, the debt suddenly becomes a family issue”. Another article on debt.org chimes in adding the fact that “Of course, people borrow money for all sorts of reasons. In this case, it’s to pay for the cost of higher education, which typically leads to higher-paying careers that should afford graduates the ability to pay off their debts and live more affluent lives”. A very significant reason as to why family members often do their best to contribute under this hope their loved one or family member will make a sustainable and successful future out of the money being provided.
In conclusion, to an issue that has been ongoing for quite some time “Student loan debt is a reality for more than 1 in 4 American adults. There are 44.7 million people with active student loans in the U.S., and the overwhelming majority of them are under the age of 60. The most recent figures from the U.S. Census Bureau estimated there are 171.3 million adults in America between the ages of 20 and 59. That means paying off student loans is a common challenge for 26% of younger adults under age 60”. On top of this “A Bankrate survey of college graduates published this year found that 73% of respondents had put off “at least one major life milestone” due to student debt”, says Max Faye in an article on debt.org. Student debt is such an imperative issue in America that action needs to be taken in.
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