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Growing Problem of The Student Loan Crisis in the United States: Analytical Essay
The growing problem of the Student Loan Crisis in the United States is driving incoming college freshman away from pursuing further education. Student loan debts cause young adults to question their future, wondering if a college education is worth carrying a huge student debt burden. Coming from a personal experience, I know when applying for colleges I was, and still am, afraid of how my student debt will affect my life after I graduate. I believe all student loans in America should be abolished and every American should be provided with a free college education.
[image: ] First, there are millions of Americans who have student debt yet to be paid off. In a published Time Magazine article, written by Senators Mark Warner and John Thune (2019), they state that there are approximately 44 million Americans who are in student loan debt, which totals over $1.5 trillion. This statistic puts emphasis on how costly a college education is. Current and future college students should not have to worry about how they will be able to cover the cost of their education, they should worry about their grades and how they will succeed in their selected career pathway. In Figure 1, the image presents to us the average student loan debt compared to investing in other things like a car or a home. According to the U.S. Department of Education, College graduates with a bachelor’s degree typically earn 66 percent more than those with only a high school diploma; and are also far less likely to face unemployment. This vitalizes how important a college degree can be. But, with how high the costs are to get a degree can cause students, particularly students who come from low-income families, to drop out because they just cannot afford it. Right now, student loans have the highest rate of delinquency (NitroCollege). Young adults should not have to face the consequences of paying off college debt after they graduate, they should focus on finding a stable job. Yes, scholarships and financial aid can contribute to lowering the costs of a college education, but it does not amount to the thousands and thousands of dollars that remain to be paid off. Figure 1:
This image shows the comparisons between the average student loan debt once graduated to the price of certain investments.
Last, there are a few select countries around the globe who provide free tuition for college students. One of these countries is Germany. Many American students who study abroad go to Germany for the reason of free tuition (University of the People). Right now, there are about 10,000 Americans enrolled in German universities, most of them studying for free (NBCNews). Since Germany is successful with tuition-free universities, then why cant we incorporate them to the United States? Yes, we obviously cant start having tuition-free colleges overnight, but we can start to decrease the price of tuition until we meet that goal.
In conclusion, the Student Loan Debt Crisis in the United States is a major problem that needs to be solved. Many college graduates struggle with the burden of paying off their student loan. Germany is one of the few countries in the world who has free colleges. America should abolish all student loans and provide a free college education to every American.
References
- College Affordability and Completion: Ensuring a Pathway to Opportunity. (n.d.). U.S. Department of Education. Retrieved from https://www.ed.gov/college
- Eckardt, A., & Angerer, C. (2016, February 17). Why American Students Are Flocking to Germany – and Staying. Retrieved from https://www.nbcnews.com/news/world/why-american-students-are-flocking-germany-staying-n515961
- Henry. (2019, July 28). 5 Countries with Free College. Retrieved from https://www.uopeople.edu/blog/5-countries-with-free-college/
- Nitro College. (n.d.). Average Student Loan Debt in the U.S. – 2020 Statistics. Retrieved from https://www.nitrocollege.com/research/average-student-loan-debt
- Thune, S. J., & Warner, S. M. (2019, August 27). How Congress Can Ease Americans’ $1.5 Trillion Student Debt. Time Magazine. Retrieved from: https://time.com/5662626/student-loans-repayment/
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