Topics: Debt, United States, Economics Pages: 1 (286 words) Published: July 19, 2014
Beginning in the 1960’s the distribution of federal and nonprofit funds have given students all over the United States the opportunity to pursue post-secondary educations. Although this method has given students the ability to go to college financially, the majority of the students are not able to pay the money back when finished causing debt. Currently students in the United States owe more than $1 trillion dollars worth of federal and private student loans. Surprisingly this number has surpassed the country’s credit card debt which is $852 billion dollars. This year’s presidential election has many serious & interesting topics being discussed such as gay marriage & immigration, but the topic of student loan debt is of high importance and relates to the majority of the country. Due to the economic state of the country and their lack of knowledge on student loans the majority of people are unable to repay their loans. Student loan debt is one of the biggest issues facing. Due to limited knowledge on student loans, cost of college, and the economy of the United States. The lack of knowledge on student loans combined with the cost of college causes numerous burdens on many people, but at the same time it affects the country as a whole. One factor that is ignored or are unaware of is their ability to pay back their loans on time. According to Sophia Kerby she states, “Studies show that only 37 percent of students are able to repay their loans on time.” (Kerby 1). Many students are borrowing tremendous amounts of money not knowing if they will have the ability to pay the money back on time. Student loans are also causing the increased rate of dropouts all over the country.
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