Student debt creates anchor around necks of college graduates doomed to failure

Going to college is a fundamental part of the American Dream, but the tumultuous debt that comes with it can slowly turn that dream into a nightmare. People go to college to get an education so they can one day have a job to support themselves (and their family). It is unjustified that many of those with the determination to better their lives and futures instead end up stuck in the eternal cycle of debt.

Attending college should be made affordable for all Americans in order to ensure and encourage the success of our nation-- free from burdensome debts. 

Of all the people who went to college in America, as of November 2021 roughly 30% of them took on some form of debt in order to do so. Collectively, all American students owe about $1.7 trillion in student debt. In March of 2020, emergency relief measures were put into effect in regards to student loan repayments. However, even though these measures halted the collections on defaulted student loans, as well as late repayments, students continue to be faced with these debts that ultimately affect their success in the future.

Student debt is often overlooked as something that is just inevitable if people want to receive a satisfactory education, but the 1.7 trillion dollars of student loan debts that Americans have accumulated is not simply “a part of the process”--it is a national crisis. Since 15% of all American adults report they have outstanding undergraduate student loan debts, the time to reshape our current borrowing and repayment systems into something that will help them become successful is now, rather than push them deeper into debt.  We aren’t seeing any improvements in our country, as student borrowers are in a predicament due to the increasing cost of college while there is a decline in average income.

To fix this very prominent issue, we need to look at the root of the problem: an outdated borrowing and repayment system and insufficient education on how to efficiently pay for college. The United States needs new borrowing and repayment systems for student loans that will help to provide affordable college for all, preventing the chance of financial ruin. Similarly, by providing proper education to students on how to manage finances and loans while in college, they will be able to prepare and plan for a prosperous future without having to worry about accumulating so much debt from receiving an education to do so. 

Many people believe that taking out student loans is an essential part of going to college, thus if a person values their education they should be willing to pay the price for it. Though this idea has been ingrained into American society, it is not too late to reverse it. Our current educational system has undoubtedly made it more stressful and difficult for students to continue their education due to the haunting fear of falling into debt. Education should be something that will help generations of students become successful and change the world; it shouldn’t rope them into the endless debt cycle. Students are the ones who will shape our future, so if we do not take action quickly to solve this immense student debt problem, our society, economy, and government will be greatly at risk.

By F. Ahmad and E. Giordano

March 18 2022

Volume 118 Issue VI