Student Loan Crisis Essay

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Paying for college is a problem that many people face. Most students, during their secondary education, are encouraged to do well, with studies and/or extracurricular activities, in order to get a college scholarship. Nowadays, scholarships usually do not cover the full cost of college, and loans are still needed in addition to them. In order to get a college education, a majority of students, with and without scholarships, must take out a loan, but with loans comes debt. The student loan crisis is a problem because of the cause of the debt, the short term effects, and the long term effects.
The first reason the student loan crisis is a problem are the causes of the debt. Unemployment rate for people with no college experience is higher and …show more content…
Due to the current high unemployment rate, many recent graduates are unemployed or have lower paying jobs, causing it to be difficult for them to pay off their debt or unable to pay altogether. Missing payments can lead to student loan delinquencies or defaults, which can negatively affect the graduate’s credit rating. Because these graduates are using their money to pay off loans or have bad credit, it affects the economy as they are unable to purchase other things like houses or cars. These long term effects are the third and last reason why the student loan crisis is a …show more content…
Unemployment rate and low paying jobs cause people to need go to college, which the cost has increased, making them get loans that will over time accumulate debt. While in college, the student faces pressures, which can cause stress and therefore various health issues. After graduating, the graduate must focus on paying back the loan while unemployed or with a low paying job; failure to paying can result in bad credit making it difficult to purchase things that would boost the economy. Something needs to change to counteract this crisis, because, right now, college is a necessity being treated as a
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