My main goal in this essay is to present to you three major problems (in my opinion and based from the research I have done) that student loan debt is having on an immense amount of people that we live amongst.
To achieve this goal, I organized my essay into four main sections. Two of which include sub-sections. In the first section, I presented three valuable factors that I believe student loan debt is having on individuals. Those factors include debt continuing to increase causing the economy to drop, debt being the largest form of personal debt, and how paying for education is failing the middle-class. In the second section I will discuss some statistics on how college is too expensive, and its result is the cause of major debt on individuals. Special attention is paid to (The argument for free tuition) found online. I end with a third section that will offer research questions that will be answered throughout my informative essay. Then, I conclude with a fourth section that is indicating the importance of clearing out student debt. I also include an appendix after the works cited that contains images of websites, blogs, and articles I examined. Before I can begin the examination of the work sites; however, I need to provide an ongoing pressed of issues that are still occurring historical events with student loan debts have been and still is a huge load on most individuals.
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I. Historical context
In 1862, President Abraham Lincoln signed the Land Grant College Act into law, laying the groundwork for the largest system of publicly funded universities in the world. Despite some of America's greatest colleges, including the University of Minnesota, were created by federal land grants, and were known as “democracy's colleges” or “people's colleges”. But that vision of a 'people's college' seems awfully remote to a growing number of American students crushed under soaring tuitions and mounting debt. One hundred and fifty years after Lincoln made his pledge, it's time to make public colleges and universities free for every American (by Keith Ellison).
Debt increases and economy decreases: Education debt has a major impact on more than 44 million of us (around 1 in 4) who owe $1.5 trillion total; therefore, making the burden of education the country’s second largest debt. Monthly student loan payments have increased drastically from $227 in 2005 to $393 in 2016 (according to the Federal Reserve and graduates owe $20,000 more than they did just 13 years ago). At this rate people will soon owe more for tuition and books than they do for houses and/or apartments.
Debt is rising tremendously causing the economy to go do Today’s headlines are replete with stories of Millennials who are postponing getting married, starting a family or even buying their first home—home ownership for Millennials stands at 37%, compared to 45% of Boomers and Gen-Xers when they were the same age. While some might disagree that Millennials just prefer renting, or that their job-hopping habits mean they don’t want to settle down in any one place, the fact is that the majority of them—53%—haven’t bought a home due to the fact that they don’t have the money for a down payment, according to the Urban Institute. They also found that with every 1% increase in student loan debt, the likelihood of owning a house decreases by 15% more and more (Forbes- how can we stop the economy).
After all, we haven’t even discuss on how student debt stifles entrepreneurship, not even or how debt-burdened folks will be more likely to work longer, thereby stressing the unemployment rate, or how the government is losing $170 billion on defaults and loan forgiveness (John E. Glrouard).
Debt, in fact student loan has become the largest form of debt: Student loan debt in 2019 is the highest ever in history. The latest student loan debt statistics for 2019 show how serious the student loan debt crisis has become for borrowers across all demographics and age groups. There are 45 million borrowers who collectively owe more than $1.5 trillion in student loan debt in the U.S. Student loan debt is now the second highest consumer debt category - behind only mortgage debt - and higher than both credit cards and auto loans. Borrowers in the Class of 2017, on average, owe $28,650, according to the Institute for College Borrowers who submitted applications: 41,221. Total number of applications: 49,669. Number of applications approved: 423.Number of applications denied: 32,409. Number of applications denied due to missing information: 11,892ess and Success. Total U.S. borrowers with student loan debt: 44.7 million.
(ZackFriedmanhttps://www.forbes.com/sites/zackfriedman/2019/02/25/student-loan-debt-statistics-2019/#c55f1de133fb)
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