Getting into Debt for a College Education - 1385 Words

An estimated 20 million Americans attend college each year, and 60% of those students borrow annually to pay for it (qtd. in asa.org, â€Å"Student Loan Debt Statistics†). Moreover, citizens continuing to pay off debt after schooling brings the overall number of student-loan-borrowers to about 40 million- with a collective 1 trillion dollars in debt (McCarthy, â€Å"10 Fun Facts About the Student Debt Crisis); a fourth of these borrowers owe over $28,000, a tenth owe over $54,000, 3.1% owe more than $100,000, â€Å"and 0.45 percent of borrowers, or 167,000 people, owe more than $200,000† (Haughwout, â€Å"Grading Student Loans†). While some view this predicament as the result of laziness or carelessness, the bulk of this substantial group are not at fault.†¦show more content†¦Economy?†). The trending under-purchase of vehicles and homes is stunting the economy, reducing household formation/construction jobs, hurting businesses, and consequently d ecreasing profit and the number of employees they can support. Current students cut back on the number of classes they take, extending the time needed to graduate, and often work 2-3 jobs to make ends meet- creating a demanding lifestyle; graduates soon enter low-wage jobs in their field, if they find one at all, causing some to miss payments, lowering their credit score. â€Å"As of early 2012, borrowers in their 30s have a delinquency rate (more than 90 days past due) of about 6%, while borrowers in their 40s have a delinquency rate double that, at about 12 percent. Borrowers in their 50s have a delinquency rate of 9.4% and those over 60 have a delinquency rate of 9.5%† (qtd. in asa.org, â€Å"Student Loan Debt Statistics†). With bad credit, it is unlikely to get an approved loan or mortgage from a bank, pass a credit check from a landlord, or look appealing to an employer. Student loans has created a devastating trap for individuals striving to better their lives; u npaid private loans are inherited in the borrowers next generation,Show MoreRelatedCollege Value Goes Deeper Than The Degree Essay1042 Words   |  5 PagesCollege’s Value In the essay â€Å"College Value Goes Deeper Than the Degree† author Eric Hoover claims a college education is important to one s well-being so they can get a job and be productive in other parts of life. Promoters of higher education have long emphasized how beneficial college’s value and its purpose. 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