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Student Debt Essay

616 Words3 Pages

Merritt Snodgrass
Thomas
Honors English 11
4 May 2023 Debt: A Major Obstacle in Achieving the American Dream
The American Dream is the idea that everyone has an equal opportunity to achieve success through hard work and dedication. How is a person able to achieve success when they are swimming in debt? Less than a quarter of Americans live debt-free. Over 45 million Americans owe 1.7 trillion in student debt. The largest group of borrowers by debt amount included 9.9 million borrowers with student loan debt in 2022, ranging from $20,000 to $40,000 (Zanetis 1). Poor Americans have been unable to freely and confidently plan their futures because of the ongoing battle with poverty.
Student debt has plagued American students for years. The Federal Reserve Bank of New York revealed that in the first quarter of 2022, the total amount of household debt in America increased …show more content…

However, the reality is that many Americans struggle with debt which can make it very difficult to achieve their dreams. Debt affects the this concept in many ways. First, it can limit opportunities for education and career advancement. Many Americans take out loans to pay for college or vocational training, but the burden of debt can make it challenging to pursue higher-paying jobs or starting businesses. Second, debt can limit access to affordable housing. Many Americans struggle to pay their rent or mortgage payments due to high levels of deb, which can force them to live in substandard housing or in areas with limited economic opportunities. Third, debt can limit access to healthcare and other basic needs. Tons of Americans can not afford their medical bills or other costly expenses because of the debt they obtain. This can lead to health problems or negative outcomes. Overall, debt is a huge obstacle when it comes to achieving the American

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