The Problem of Paying Off Student Loans in the United States

What if the one thing that was promised to help you, to guarantee your success and to provide you with a bright future actually ended up costing you your dreams? For many, this is a college education, and this is the situation 37 million college graduates in the United States are facing. One social problem many Americans face, is paying off student loans. Crippled with huge amounts of student loans, even those who were able to secure well-paying jobs are struggling to stay afloat, often working multiple jobs to help ends meet.

For reasons like this, the student loan debt crisis is not only taking a huge toll on the personal lives of many Americans, but on the economy as well.

Every year students enroll in college looking for higher education. Many of these individuals are no older than eighteen with their whole life ahead of them; While some of these individuals are older, and simply looking to gain a better education.

The sociological perspective many people have is to be successful in life, you must go to college. Yet some untold effects of college are actually very interesting. Things such as debt, low paying jobs, or not being able to find a job at all are things you may not have considered. College is a great way to improve yourself, but without proper planning it will not be as valuable as you would expect.

Many students today rely on student loans in order to pay for school. In fact a recent study by Pew Research Center has shown that one in five households have student debt.

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The average student debt is around twenty-six thousand dollars, but is also reported to be as high as one hundred thousand dollars. As a result people who have completed college and are paying student loans must find well paying jobs in order to pay back their debt. Student Loans were made to provide financial aid to any student who wished to graduate college. All they had to do was to pay off the loan. After inflation adjustments, students now are borrowing twice the amount of money a decade ago. As of 2013 the Student Loan debt sky rocked to 1 Trillion Dollars adding to the country’s national debt. Now how do we pay that off?

Many people believe that it’s okay to get a student loan as long as they pay it off later. That’s good to think about. “So I’ll just get a loan and pay it off after I graduate college. Then I’ll get a good job, make lots of money and pay it off in time.” Good plan? A recent survey showed that 53% of college graduates are unemployed. Also 37.8% of college graduates worked in jobs that didn’t require a college degree and received minimum wage. Some students are fortunate enough to be able to pay their debt. More than 15% of people over 50 are still paying off their student loans. President Obama fully paid his student loan at the age of 43.

Many high schools in the nation have discontinued offering economics classes and many students entering college and receiving loans do not understand what long term situation that will occur. Unfortunately some students know the consequences but need financial aid to get through college. Personally my solution, is to avoid student loans is to save enough prior to college to help pay off college debts. Also students should strive to get scholarships to help pay their way through college.

Or, if interested students can join the military, and take online courses or go to a community college. Through this alternative, you are currently working and are able to pay off any future debt. There is nothing good about student loans. Our country is on a highway to poverty and there is no sidewalk out of it. So you have to be cautious, educated and conservative. Work hard, save money and avoid getting a student loan.