How To Reduce Student Loan Debt

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Graduating from college does not guarantee one a job with plentiful wages. “According, to an associated Press analysis, 53 percent of recent college graduates are either unemployed or not putting their degree to use” (Lewis internet). However, attending college can guarantee a near insurmountable mountain of student loan debt that one has to pay for out of pocket for the rest of his or her life. Student loans can cause a variety of problems for individuals. They are not only a financial burden, but they also stop many people from even going to school. The cost to attend a public university has doubled since 1988 (Lewis internet). The crisis is struck by affordability to attend school. Many young Americans refuse to go to school due to the cost of tuition alone. “The cost of college has spiked 150 percent since 1995, compared with a 50 percent increase …show more content…
Last year, outstanding student loans soared to nearly $1 trillion—a 300 percent jump since 2003” (Thompson internet). Furthermore, inadequate job markets are also causing people with student loans to get behind with their payments. If jobs are not steady and able to pay the workers the right funds, then the workers will not be able to pay the full amount of loans they owe. Once the economy is back up and running, the competition for steady jobs that help debt repayment will increase in competition among debtors. Student loans are not going down in percentage, but yet they are going up steadily. “According to TransUnion, federal student loan delinquencies shot up 27 percent between 2007 and 2012” (Lewis internet). It is true that all students are able to apply for grants and scholarships, but not all students will receive the

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