Rapidly rising college tuition puts lots of pressure on many parents and students. However, student loan will be offered to students. A student loan is a loan offered to students which is used to pay off education-related expenses, such as college tuition, room and board at the university, or textbooks. Many of these loans are offered to students at a lower interest rate. In general, students are not required to pay back these loans until the end of a grace period, which usually begins after they have completed their education.

Although student loan helped many students be able to go to expensive colleges, student loan has a lasting impact on students.. According to Student Loan Debt Statistics for 2018, “Americans owe over $1.48 trillion in student loan debt, spread out among about 44 million borrowers. That’s about $620 billion more than the total U.S. credit card debt. In fact, the average Class of 2016 graduate has $37,172 in student loan debt, up six percent from last year”. So, on average, every student who has student loan need to pay $351 each month lasting for 20 to 30 years in order to pay off their loans.

According to a survey done by U.S. News, “62 percent of respondents said their student debt posed a hardship on their personal budget when combined with all other household spending. Specifically, 35 percent said they found it difficult to buy daily necessities because of their student loans; 52 percent said their debt affected their ability to make larger purchases such as a car; and 55 percent indicated that student loan debt affected their decision or ability to purchase a home”. Hence, is student loan helping students or hurting students? The purpose of student loan is obviously helping students, but, government grants and support for post-secondary education have failed to keep pace with increases in college costs which cause student loan debt increase. In conclusion, student loan debt should be decreased by government and colleges should be more affordable for students.

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CC BY-SA 4.0 Student Loan Debt by Hannah is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

4 Comments
  1. Sean 11 months ago

    Hannah,
    I agree that the government needs to assist more with student loans. And help especially with making college more affordable, to combat not having to have student loans or at least not having to have as much in loans im going through the military so that the government pays more of my tuition. And even this is not enough, I learned that to go to UofM the Tuition for 4 years is $100,000 and the military could only cover half that, that’s still 50k and an average person can not pay that much. That’s why college needs to be cheaper and more assistance is needed for student loans.

  2. Ravi 11 months ago

    Hannah,
    I enjoyed reading your article as we are seniors and this is an issue we will face in the near future. Student loans should be decreased but it wont happen quickly. In this article http://college.usatoday.com/2016/07/11/heres-how-to-reduce-your-student-loan-debt-while-still-in-college/#
    it talks about the best ways to reduce debt out of college and even with these strategies most people will still end up paying money back for college.

  3. Raymond 11 months ago

    Hannah, I found this interesting. This could very well pose a problem to the younger generations in maintaining a standard of living. Occupations value only higher education in most situations. Students are pressured to compete for recognized institutions. This attitude towards a higher education will only result in a collapsing economy decades in the future. As you said, many of these loans are restricting people who are newly entering the job market to invest or spend money to future stimulate the economy. I’m sure you will find these statistics interesting about students in ivy leagues: https://blog.collegevine.com/the-demographics-of-the-ivy-league/

  4. Brooklyn 11 months ago

    Hannah, I really liked this article because we are seniors and we are having to go through this soon. Especially if we don’t have the job we want yet, paying off the debt is going to be extremely hard. I agree that student loans should be decreased significantly so that we can have a better education and not worry about what is happening with their financial situation. Here is an article about the interests rates of student loans and how they are rising more and more:https://www.cnbc.com/2017/07/18/student-loan-interest-rates-edge-higher-and-higher.html

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