Essay On Student Debt Crisis

415 Words2 Pages
College costs are skyrocketing, and at the same time we have students wanting to learn and become educated in order to contribute their knowledge to society. The student loan debt crisis is weighing upon us, so we need to reform the system. If I had the power to make a change, I would cut the costs of college education and lower student debt by a reformed banking system. One of the major causes of the student loan debt crisis is high interest rates for student loans. Too many banks offer loans and do not think how these students are going to pay back the money. Students can't pay back loans for many years. Then, as a domino effect, there is more debt. Middle class parents , are caught in a tight web because they can afford college on paper but in reality, have no money left for retirement and receive no financial aid. The cost of college has escalated out of control and the cost of college grows faster than the rate of inflation. In order to cut the costs of my education, I plan to work part time and contribute some of my earnings to my education. I am seventeen years old and that is what I can contribute now. I can take out a loan to minimize the costs for my…show more content…
If there is a job I can do at the college, I would work and hopefully, they lower the tuition for that class. I believe there should be one student loan rate for everyone that is affordable. Different banks have different rates depending on the college. A broader approach is necessary so all students can afford to go to college. Scholarships are helpful too, and I hope I receive this scholarship which is a way I am trying to minimize my debt. The student debt crisis has remained static for many years, and our future relies on the young people, like myself, to find solutions to our problems in education
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