In the article “Middle-income students at higher risk for student loan debt than their poorer peers”, the author pointed out that children who born in middle class have greater pressure on paying off student loan debt than those who born in lower class or upper class because the families of these young adults make too much money for their children to qualify for adequate financial aid benefits, but not enough to afford the rising costs of tuition, room, and board, and additional university fees such as book fees, meal fees, entertainments, etc, especially during the era of continuously rising tuition and growing demand of daily needs for college students. So, many students from middle income family chose to go to a cheaper university or colleges which offer them scholarships instead of going to their dream school.
Among those who incurred student loan debt, Houle found that “on average young adults from middle income backgrounds, whose families earned between $40,000 and $59,000 annually, left school with over $6,000 more in student loan debt than their low income peers whose families made less than $40,000 per year. Similarly, students from somewhat more affluent middle income backgrounds, whose families made between $60,000 and $99,000 annually, racked up nearly $4,000 more in student loan debt than young adults whose families earned less than $40,000 per year”. Comparing with those young adults from upper income families, who will likely be supported or helped by their parents, will have a lower student loan debt than those who are in middle class. Statistics shows that “on average among those who incurred student loan debt, students whose families earned $40,000 to $59,000 annually racked up over $12,000 more in student loan debt than their peers whose families earned between $100,000 and $149,000 per year, and over $17,000 more in student loan debt than young adults whose families made more than $150,000 annually. Additionally, students whose families earned between $60,000 and $99,000 incurred, on average, $10,000 more in debt than young adults whose families made between $100,000 and $149,000 per year, and $15,000 more than young adults whose families earned over $150,000 annually”.
In conclusion, because of all those “unfair advantages”, students from middle income family have a higher risk for student loan debt. However, young adults from middle income backgrounds are not the only subgroup of students at increased risk for incurring student loan debt. For example, Houle found that young adults whose parents had less than a college degree had a higher risk for student loan debt than young adults whose parents had a college degree or more. African American students were also significantly more likely than their white peers to rack up student loan debt. In addition, he found that young adults with single parents or step families were more likely than students whose biological parents were together, to incur student loan debt. Colleges students are struggling to find high wage jobs in today’s highly competitive society since they want to pay off their student loan debt quicker. This phenomenon forces young adults to begin their careers at an increased risk of default and penalties for missed payments. Moreover, students may change the major that they are not interested in into a more popular major so that they can find high paid jobs easier in the future which ruined the purpose of college study.
“Middle-income students at higher risk for student loan debt than their poorer peers.” Obesity, Fitness & Wellness Week, 8 Sept. 2012, p. 583. Student Edition, https://link.galegroup.com/apps/doc/A302841894/GPS?u=pioneer&sid=GPS&xid=fef63d34. Accessed 9 Feb. 2018.Tags: middle class research student loan