The Importance Of Student Loan Debt

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Since 1978, the cost of college tuition has increased enormously at about 12 folds. Imagine someone academically qualified to attend college, but has financial limitations. What if this person finds our next cure to a disease? A new discovery? Invention? How do we get a great education and qualify for a job when most require a college degree? I argue that everyone should have a chance to pursue a college career without the fear of enormous amounts unpayable student loan debt.

Currently in the United States, more than 40 million Americans hold student debt adding roughly to about 1.2 Trillion dollars. The average student loan debt grew 56% over the past 10 years.The population with student loans is actually greater than the entire population of Canada, Poland, North Korea, Australia and more than 200 other countries. Matter of fact, senior citizens have $36 billion in student loans. …show more content…
Since 2000, the average salary for young people has decreased by 10 percent*. As a result, many millennials are delaying starting families, purchasing a homes, or even buying a car. One man explains the joint student loan debt he and his wife shared of $260k. He stated, “We knew that paying those amounts back would be a challenge, but neither one of us carried much “bad” debt—I graduated with only about $1,000 in credit card debt, and Kelly had none—so it wouldn’t prevent us from meeting our future goals, right? Wrong. And I didn’t realize just how much of an impact that debt would have until we attempted to buy our first

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