Negative Effects Of Student Debt

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In today’s society, many students will go on to receive a higher education after high school, but is the cost of having a higher education worth it? In 2017 the average college graduate accumulated more than 34,000 dollars in student debt (Dickler). ADD. Student loan debt creates early financial difficulties for young adults, leading to many mental and physical issues from stress and overall hurts the economy.
With the weight of student debt on a person’s shoulder, they are less likely to be financially successful in the future. According to Kelly Holland, the time for someone to get ahead financially is when they are twenty to thirty years old, however, their student debt can prevent them from doing so. Having to pay off their debt and
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The stress of student debt can cause them to be both physically and mentally ill. According to a survey by Shannon Insler, student debt causes 71.5 percent of people get headaches, 55.9 percent suffer from muscle tension and 50 percent are affected by an upset stomach. Other symptoms include rapid heartbeat, fatigue, and shortness of breath. Nonetheless, they become exhausted due to working tirelessly in order to try and pay off their debt. In addition to the stated physical side effects, there are mental effects as well. Their pride is hurt when someone finds out they are broke. They start to avoid doing things with friends and family and become more isolated. In some cases being isolated can lead to depression, tenseness, irritability, restlessness and apprehension or dread (Insler). WRAP…show more content…
The only change this makes is who is spending the money. In the article “Student Loan Debt Is Not Hurting The Economy” by Jeffrey Dorfman, it states that “Making loan payments doesn’t slow consumer spending it only switches the person behind the spending”. When the student receives a loan from someone they will now have more money to spend on things like rent, food, and books. This causes the lender to reduce their spending. After that when the loan is repaid the process is reversed. The student now has less money so they spend less and the lender now spends more (Dorfman). Jeffrey Dorfman then goes on to say that when students are taking out loans the nation’s labor productivity is increasing and the potential GDP. Referring to my previous argument student debt is only hurting the economy. Overall some believe that a more educated population means a wealthier population, however, the more money people spend, the less likely they will make financial purchases that help stimulate the
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