top of page

Student Loan Debt is a National Crisis

By Emmi Chen '23



Currently, in the United States, there are an accumulated 1.6 trillion dollars of student loans. We need to start developing more support programs for current or former students, whether that be through job opportunities or food banks. According to Harvard Business Review, with a growth rate of 7 percent each year, the student loan debt is estimated to be $2 trillion by 2021, and $3 trillion or more in the next decade. Many students in college struggle to support themselves financially. Students face the instability of not knowing where their next meal is coming from, and many also struggle with finding a place to sleep every night. Many work jobs that pay the bare minimum, but still, are unable to support themselves. How are students supposed to learn if they worry about where they're going to sleep, or when their next meal might be?

The leading cause of the rise in college costs is because of the lack of state funding for schools. State fundings were cut by more than $7 billion between 2008 and 2018, according to the American Council on Education. Schools are forced to make students pay more for tuition, boarding, and books, among other things, as most of the money funded goes to paying staff.

The student loan disaster goes far beyond just finances. In addition to the financial demands of adulthood, studies prove that students who are struggling to repay loans also endure severe mental health issues. For instance, in a study done in 2013, published in Anxiety, Coping and Stress found that "those with greater financial strain perceived more stress, had more symptoms of depression, anxiety, and ill-health." Significant or growing debt can be a primary cause of stress.

There are countless more cases of the complex grad school market. For example, according to the New York Times "- most [students] earn less than $50,000 per year, — yet $109,486 was the average amount borrowed for a master's in the subject at the University of Southern California." Jobs people have are unable to help them repay their loans, as their posts are unable to provide enough money.

It's easy to think that if a student graduates college, they should be able to get a well-paying job. With this job and their newly learned skills, they should be able to support themselves and repay their loans reasonably quickly. However, many students do not have professional work experience. Many companies favor workers who have experience working in a professional environment. Meaning students who have only worked in a casual environment may have a hard time finding jobs compared to experienced workers. Developing a program to help students find work in a professional workspace would be very beneficial.

The student loan crisis is a massive problem in America. It would be challenging to try to repay all the loans immediately, but if we take the time to develop and perfect support programs for students, we can begin to slowly repay debts and ensure the financial stability of future generations.

Yorumlar


bottom of page