Student Debt on the Rise

By: Tess Lampe

$1.4 trillion -

That’s how much student debt the United States currently holds. Furthermore, about $2,858 of student debt is accumulated each second in the United States. What exactly is student debt though? Well, student debt is essentially the amount of money one owes on a loan taken out to pay for education, specifically college. This debt usually racks up fairly quickly because of increasing tuition for most colleges, expensive textbooks, room & board, etc. That being said, saving up money is only sufficient to an extent and causes students to take out loans. This is especially true for those working towards advanced degrees - degrees above a bachelor’s (master’s, doctorate, PhD, etc.)

Student debt has become an increasingly high issue to the point where it is now a primary issue of discussion for the United States government and economy. A pro to student debt is that one may earn more money because of the interest included with their loan, which in some cases, one may believe that makes the process worthwhile. However, it is obvious that to most people, the cons of student debt outweigh the pros. A major con of student debt is that not only does a person stress over not being able to pay for college directly or not being able to pay their loan, but in their efforts to pay for their education, they end up not even being able to graduate. This effect can take more of a toll on certain people, depending on their degree and or their career path. Further, this debt usually begins to stack in early age, so it can take quite a while for a person to be able to pay off their loans.

Some manage to avoid this struggle all together by getting many scholarships or even a full ride scholarship - a payment, award, or grant that covers the entire cost of college for a person. Other ways to avoid or decrease student debt include enrolling at less expensive colleges, having a tuition plan, saving up as much money as possible before college, and having a job.

These are the obvious ways, but these don’t always work for each person and their college plan. That being said, college is not the only choice after high school and one can be very successful in many fields without receiving much further education.

https://www.investopedia.com/terms/s/student-debt.asp
https://www.debt.org/students/
https://www.merriam-webster.com/dictionary/advanced%20degree
https://www.collegeraptor.com/paying-for-college/articles/questions-answers/whats-difference-full-ride-full-tuition-scholarship/
https://www.edvisors.com/college-loans/choosing-loans/minimize-debt/