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.