The Cause Of Student Debt

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Imagine what a person could do with one point three trillion dollars. What type of power or affect could this much money have? Sadly, there is not too much of a reason to imagine because millions of Americans are currently trapped underneath a 1.3 trillion-dollar wad of cash. Student loan debt has reached an all-time high, surpassing credit card debt as the leading cause of household debt in the United States. With a sum so large, there are very few people that are unaffected by the havoc that student debt ensues on its helpless subjects. Since the 1950 's, higher education in America has seen an exponential increase in the number of students earning a degree and as with any other commodity in high demand, the value of these degrees has also…show more content…
With a college degree playing an ever increasingly crucial role in job placement after graduation, students feel the pressure to go to college, but with the astoundingly high cost of higher education, millions are forced to take out loans- 42 million to be exact. This group of Americans currently hold the 1.3 trillion dollars in student loans on their shoulders. With the majority of college graduates being in their early 20s, the amount of debt per capita, around 25,000 dollars can be crippling, thus leading to higher default rates and less stability as they begin their journey out into the world. Not only will it impact their young adult life, but it is predicted that "students who graduated from college in 2015 will have to delay retirement until the age of 75" (Hess 5). Ultimately, it is this battalion that has to most to gain, as well as lose, should student debt not be controlled. Needless to say, students want something to be done to protect them from student debt. Many groups fighting for legislation have erupted in recent years. One group made up of student debt holders, the Student Debt Reduction Coalition, states that their mission is to "encourage employers to offer student loan repayment plans… [and to] standardize the financial counseling process for student loan borrowers" (SDRC). Other groups, such as the Corinthian 15 have taken more drastic measures such as striking and refusing to make payments on their loans (Nasiripour). Whether they are being radical, and breaking a few laws, or simply asking for more protection, many students do not believe that there is enough regulation in the world of student loans. In this view, they seem to align more with legislation that would expand loan forgiveness, regulate the price of tuition, or even possibly make public university free. Through these programs, many students
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