Review Of The Literature
A breakdown of facts.
Student debt has become a massive problem in the United States. With nearly 5,000 schools currently operating in our country, the sum of current student debt amounts to more than the sum of current credit debt. While our debt numbers increase exponentially, the rate at which current students are finding and landing jobs is decreasing at a dreadful rate. With the decrease in available jobs, actually being able to pay off your student debt has never been more difficult.
Most people don't understand that college tuition is placing our economy in the red zone, and quickly becoming the number one source for debt in our nation. Everyone seems to be under the notion that it's "worth it" to go into debt if you're getting a college education. This isn't always the case, though. The typical student loan allows the borrower to begin paying off the loan within six months after the graduation date. This gives the graduate a maximum time of six months to acquire a job, and start paying off their loans. The problem with this, however, is that a lot of students are unemployed for a year or longer before being able to acquire a job in their desired field, which makes paying off the loans a difficult task and thus drives graduates to low-skill, underpaid public service positions (fast food, car wash, etc.)
This project will review the main causes of student debt in our nation, and the dreadful statistics and information to back up our problems. It will then go into how necessary a majority of our debt really is, and basic steps to avoid it that many college students are now taking. I will evaluate whether or not the current level of debt in our nation is "worth it," and discuss how the education system has changed. With the rate of debt increasing at such a large number, something has to be done to avoid ruining our economy, and placing an unnecessary weight on our educational system.