American Student Debt Essay

1422 Words6 Pages
Of course everybody wants to go to college, get a degree, and be successful. Unfortunately, The American dream has been sabotaged by the costs of education. As for jobs and education in America, many other countries have been competing with us. The rise of immigrants from other countries such as China and India are contending hard with American students in the college, and workforce. According to a source, the average college tuition is about 9,000 dollars. Unless you have millionaires as parents, this is a big chunk of change that will take a lot to be paid back. Today, students are forced to take out student loans and that is what hurts most students down the road. According to the American Student Assistance website, the total outstanding student loan debt in the United States today is between $902 billion and $1 trillion. Approximately $864 billion is composed of outstanding federal student loan debt. Out of the 20 million Americans who attend college each year, 60 percent take out loans to help pay for their education. Federal loans stay with students until they are fully paid off, even if students declare bankruptcy. (Karas) College costs today are rising faster than what we can process. Along with student debt interest. According to Minsun Mikyong Kim and Jangwan Ko, “the college tuition rate has increased about 103.8, whereas average household income has increased only 39.3%. This means that college is unaffordable for many average Americans. Between 1972 and 2013, average…show more content…
As for myself, student debt is going to be a big deal for a good amount of my life. The interest rates are incredibly high. The student debt crisis is starting many problems for young kids that do not even know what they want to do in life. It is time to fix this and do something about it. The American Dream is being threatened and we as a nation need to fix
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