Topics: Debt, Loan, Higher education Pages: 4 (1351 words) Published: March 11, 2014
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The U.S. Bureau of Labor Statistics reports that 66.2 percent of the high school graduates last year went on to higher education (U.S. Dept. of Labor). When these students graduate from college they have, on average, about $27,000 in student loan debt (Walia). It is expected that there will be 1.8 million undergraduates graduating this fall (Fast Facts). Their debt will be added to the 1 trillion dollar student loan debt that already exists. This total for student loan debt is more than that of all auto loans and all credit card loans (Liang 23). Currently 1 in 5 households in the United States has student loan debt. Half of all student loans are in default and are currently not being paid for (Walia). The problem will only continue to worsen if steps are not taken to stop it. Some may think that this issue does not concern them, but it will have a critical effect on our entire economy. Consider the thought that, because all of these people have so much debt to pay off they have to wait to get married, buy a house or a car (Laing 24). There are many ideas of how we should resolve this problem. It has been suggested that when students graduate they should pay 5% of their total income for 25 years and whatever is not paid after that is automatically forgiven (Schlesinger). Others believe that the real problem is the private loans because they are usually not as willing to help students when they are having financial problems (Bernard 6). Yet another group of people say that just lowering the cost of tuition would take care of the problem. Mark Kantrowitz wrote that the government should invest more into higher education with grants to make college more affordable for students so that they don’t have to take out so many loans. Others have proposed that government, which provides (99%? site) of the student loans, establish a policy that grants loans based on the academic major (Walia). Along with this, it is also suggested that we...
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